Bullion extends gains; FOMC minutes eyed
19/11/2014 11:38
Gold futures rose in the domestic market on Wednesday as a pickup in physical demand amid a boost in gold reserves by Russia, coupled with rising geopolitical tensions which bolstered bullion’s safe haven appeal lifted prices. Further, speculation of further stimulus measures by the European Central Bank (ECB) bolstered the precious metal’s appeal as a hedge against the inflationary risk of monetary stimulus. However, caution ahead of the release of the FOMC minutes in which the Fed may offer cues over the timing of US monetary tightening checked gains in the yellow metal. Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,625 per 10 grams, up by 0.11 per cent, after opening at Rs. 26,575, against the previous closing price of Rs 26,596. It touched an intra-day high of Rs 26,650. (At 11:22 AM).
19/11/2014 11:38
Gold futures rose in the domestic market on Wednesday as a pickup in physical demand amid a boost in gold reserves by Russia, coupled with rising geopolitical tensions which bolstered bullion’s safe haven appeal lifted prices. Further, speculation of further stimulus measures by the European Central Bank (ECB) bolstered the precious metal’s appeal as a hedge against the inflationary risk of monetary stimulus. However, caution ahead of the release of the FOMC minutes in which the Fed may offer cues over the timing of US monetary tightening checked gains in the yellow metal. Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,625 per 10 grams, up by 0.11 per cent, after opening at Rs. 26,575, against the previous closing price of Rs 26,596. It touched an intra-day high of Rs 26,650. (At 11:22 AM).
