Surge in safe haven demand lifts Bullion
13/10/2014 11:43
Gold futures rose in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as a slump in global equities and a slowing global economy boosted the safe haven demand for the yellow metal. Further, bets that the US Federal Reserve may delay an interest rate hike amidst a slowing global economy bolstered the appeal of the precious metal as a store of value. A top Fed official over the weekend said that the Fed may push back the timing of monetary tightening due to risks to US outlook. Gold futures for October 2014 contract, at MCX, is trading at Rs. 27,190 per 10 grams, up by 0.84 per cent, after opening at Rs. 27,022, against the previous closing price of Rs 26,964. It touched an intra-day high of Rs 27,204. (At 11:25 AM).
13/10/2014 11:43
Gold futures rose in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as a slump in global equities and a slowing global economy boosted the safe haven demand for the yellow metal. Further, bets that the US Federal Reserve may delay an interest rate hike amidst a slowing global economy bolstered the appeal of the precious metal as a store of value. A top Fed official over the weekend said that the Fed may push back the timing of monetary tightening due to risks to US outlook. Gold futures for October 2014 contract, at MCX, is trading at Rs. 27,190 per 10 grams, up by 0.84 per cent, after opening at Rs. 27,022, against the previous closing price of Rs 26,964. It touched an intra-day high of Rs 27,204. (At 11:25 AM).
