ECB easing bets lift yellow metal
18/11/2014 16:13
Gold futures surged in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal amid bets that the European Central Bank (ECB) may purchase assets including government bonds and bullion to spark a revival in the 18-member Euro area economy, bolstering the demand for gold as a hedge against the inflationary risk of monetary stimulus.
A weaker dollar boosted the demand for the precious metal as an alternative asset. Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand
Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,713 per 10 grams, up by 1.45 per cent, after opening at Rs. 26,426, against the previous closing price of Rs 26,330. It touched an intra-day high of Rs 26,774. (At 16:05 PM).
18/11/2014 16:13
Gold futures surged in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal amid bets that the European Central Bank (ECB) may purchase assets including government bonds and bullion to spark a revival in the 18-member Euro area economy, bolstering the demand for gold as a hedge against the inflationary risk of monetary stimulus.
A weaker dollar boosted the demand for the precious metal as an alternative asset. Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand
Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,713 per 10 grams, up by 1.45 per cent, after opening at Rs. 26,426, against the previous closing price of Rs 26,330. It touched an intra-day high of Rs 26,774. (At 16:05 PM).
