Gold closes higher on strong global cues 31/12/2014

Gold closes higher on strong global cues
31/12/2014 09:54
Gold futures ended higher in the domestic market on Tuesday as the dollar weakened and stock markets slid, with concerns over tension between Russia and the West also helping push the metal through key chart levels. Moreover, safe-haven demand strengthened after Greek Prime Minister Antonis Samaras said that he will recommend parliamentary elections are held on January 25, almost 18 months before his coalition's term was due to end. A Weaker dollar raised the appeal of the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus increasing demand. Gold futures may rise today as a dip in equities boosts demand for the yellow metal as an alternative asset. At the MCX, Gold futures for February 2015 contract closed at Rs 27,049 per 10 gram, up by 1.06 per cent after opening at Rs 26,845, against the previous closing price of Rs 26,764. It touched the intra-day high of Rs 27,220 till the closing.