Weak rupee lifts yellow metal
18/11/2014 11:42
Gold futures rose in the domestic market on Tuesday as sharp depreciation of the Indian rupee against the US dollar more than offset the losses in the precious metal in the overseas market. A weaker rupee against the greenback exerts upward pressure on domestic bullion prices. The dollar rose as the ECB hinted at sovereign bond buying to spur the 18-member Euro area economy while bets of a further fiscal and monetary stimulus in Japan rose after the world’s third biggest economy plunged into a recession. Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,461 per 10 grams, up by 0.50 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 26,475. (At 11:21 AM).
18/11/2014 11:42
Gold futures rose in the domestic market on Tuesday as sharp depreciation of the Indian rupee against the US dollar more than offset the losses in the precious metal in the overseas market. A weaker rupee against the greenback exerts upward pressure on domestic bullion prices. The dollar rose as the ECB hinted at sovereign bond buying to spur the 18-member Euro area economy while bets of a further fiscal and monetary stimulus in Japan rose after the world’s third biggest economy plunged into a recession. Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,461 per 10 grams, up by 0.50 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 26,475. (At 11:21 AM).
