Gold futures end higher on safe haven appeal
25/06/2014 09:21
Gold futures closed higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as lingering tensions in Iraq amid sectarian violence boosted the safe haven demand for the precious metal. US home prices rose at a slower pace in April while German business confidence tumbled to the lowest level in 2014 in June, signaling a faltering global economic recovery, boosting the safe haven appeal of gold. S&P said that its index of property values in 20 US cities rose 10.8 per cent in April 2014, year on year, down from an annual 12.4 per cent rise in March 2014. Manufacturing activity in the central Atlantic region grew at a slower pace in June as the Richmond Fed’s manufacturing index fell to 3 from 7 in May, with a reading above 0 signaling expansion. Weak global data raised hopes of continued accommodative monetary policy by the Fed and the ECB, boosting the appeal of the bullion as a store of value. New York Federal Reserve Bank President William Dudley called on the Fed to wait until mid-2015 before raising interest rates. Gold futures may trade lower today as investors stay cautious ahead of the US GDP data. Gold futures for August 2014 contract, at MCX, closed at Rs. 27,731 per 10 grams, up by 0.19 per cent, after opening at Rs. 27,641, against the previous closing price of Rs 27,678. It touched an intra-day high of Rs 27,8
25/06/2014 09:21
Gold futures closed higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as lingering tensions in Iraq amid sectarian violence boosted the safe haven demand for the precious metal. US home prices rose at a slower pace in April while German business confidence tumbled to the lowest level in 2014 in June, signaling a faltering global economic recovery, boosting the safe haven appeal of gold. S&P said that its index of property values in 20 US cities rose 10.8 per cent in April 2014, year on year, down from an annual 12.4 per cent rise in March 2014. Manufacturing activity in the central Atlantic region grew at a slower pace in June as the Richmond Fed’s manufacturing index fell to 3 from 7 in May, with a reading above 0 signaling expansion. Weak global data raised hopes of continued accommodative monetary policy by the Fed and the ECB, boosting the appeal of the bullion as a store of value. New York Federal Reserve Bank President William Dudley called on the Fed to wait until mid-2015 before raising interest rates. Gold futures may trade lower today as investors stay cautious ahead of the US GDP data. Gold futures for August 2014 contract, at MCX, closed at Rs. 27,731 per 10 grams, up by 0.19 per cent, after opening at Rs. 27,641, against the previous closing price of Rs 27,678. It touched an intra-day high of Rs 27,8
