Gold regains sheen on China easing hopes
29/12/2014 09:46
Gold futures surged in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal in the overseas market where gold surged to the highest level in more than two weeks amid optimism that China, the world’s biggest consumer of the yellow metal may undertake further policy easing measures to spur economic growth, bolstering the appeal of the bullion as a store of value.
Media reports suggested that the People’s Bank of China was planning to temporarily waive a requirement for the country’s banks to set aside reserves for certain deposits, a move which may boost liquidity. China’s central bank had cut interest rates in November, the first reduction in more than two years.
Gold futures may fall today as a stronger dollar cuts demand for the bullion as an alternative asset.
At the MCX, Gold futures for February 2015 contract closed at Rs 27,073 per 10 gram, up by 1.84 per cent after opening at Rs 26,733, against the previous closing price of Rs 26,584 It touched the intra-day high of Rs 27,109 till the closing.
29/12/2014 09:46
Gold futures surged in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal in the overseas market where gold surged to the highest level in more than two weeks amid optimism that China, the world’s biggest consumer of the yellow metal may undertake further policy easing measures to spur economic growth, bolstering the appeal of the bullion as a store of value.
Media reports suggested that the People’s Bank of China was planning to temporarily waive a requirement for the country’s banks to set aside reserves for certain deposits, a move which may boost liquidity. China’s central bank had cut interest rates in November, the first reduction in more than two years.
Gold futures may fall today as a stronger dollar cuts demand for the bullion as an alternative asset.
At the MCX, Gold futures for February 2015 contract closed at Rs 27,073 per 10 gram, up by 1.84 per cent after opening at Rs 26,733, against the previous closing price of Rs 26,584 It touched the intra-day high of Rs 27,109 till the closing.
