Weaker rupee boosts yellow metal
20/11/2014 09:34
Gold futures closed higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal as a weaker rupee more than offset the losses in the yellow metal in the overseas market.
Weaker rupee against the greenback exerted upward pressure on domestic bullion prices.
Gold futures fell in the overseas market on Wednesday as a stronger dollar curbed the demand for the precious metal as an alternative asset. Stronger US currency makes gold more expensive for those holding other currencies.
Minutes from the Federal Reserve’s latest policy meet in October showed some policymakers were concerned about low inflation, denting gold’s appeal as an inflation hedge. The Fed also debated the pace of tightening once the lift-off in interest rates begins most probably next year.
Gold futures may fall today amid a subdued global trend as investors weigh a US interest rate rise and a stronger dollar.
Gold futures for December 2014 contract, at MCX, closed at Rs. 26,711 per 10 grams, up by 0.43 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 26,833.
20/11/2014 09:34
Gold futures closed higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal as a weaker rupee more than offset the losses in the yellow metal in the overseas market.
Weaker rupee against the greenback exerted upward pressure on domestic bullion prices.
Gold futures fell in the overseas market on Wednesday as a stronger dollar curbed the demand for the precious metal as an alternative asset. Stronger US currency makes gold more expensive for those holding other currencies.
Minutes from the Federal Reserve’s latest policy meet in October showed some policymakers were concerned about low inflation, denting gold’s appeal as an inflation hedge. The Fed also debated the pace of tightening once the lift-off in interest rates begins most probably next year.
Gold futures may fall today amid a subdued global trend as investors weigh a US interest rate rise and a stronger dollar.
Gold futures for December 2014 contract, at MCX, closed at Rs. 26,711 per 10 grams, up by 0.43 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 26,833.
