Gold closes higher on safe haven demand
11/12/2014 09:31
Gold futures surged in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity amid robust safe haven demand as investors fled risky assets and flocked to the safety of the bullion amid fresh political turmoil in Greece and slowing growth in China. Further, assets in Gold-backed exchange traded products rose the most since September, signaling a pickup in investment demand for the bullion. Sentiment weakened further as a slump in the US dollar boosted the demand for the precious metal as an alternative asset. Weaker greenback makes gold cheaper for those holding other currencies, thus bolstering demand. Gold futures may fall today as investors book profits after yesterday’s sharp gains. Gold futures for February 2015 contract, at MCX, is trading at Rs. 27,191 per 10 grams, up by 0.12 per cent, after opening at Rs. 27,161, against the previous closing price of Rs 27,159. It touched an intra-day high of Rs 27,340.
11/12/2014 09:31
Gold futures surged in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity amid robust safe haven demand as investors fled risky assets and flocked to the safety of the bullion amid fresh political turmoil in Greece and slowing growth in China. Further, assets in Gold-backed exchange traded products rose the most since September, signaling a pickup in investment demand for the bullion. Sentiment weakened further as a slump in the US dollar boosted the demand for the precious metal as an alternative asset. Weaker greenback makes gold cheaper for those holding other currencies, thus bolstering demand. Gold futures may fall today as investors book profits after yesterday’s sharp gains. Gold futures for February 2015 contract, at MCX, is trading at Rs. 27,191 per 10 grams, up by 0.12 per cent, after opening at Rs. 27,161, against the previous closing price of Rs 27,159. It touched an intra-day high of Rs 27,340.
