Marginal gains for Bullion
09/12/2014 09:38
Gold futures notched up slim gains in the domestic market on Monday tracking a positive trend in overseas markets as a slump in equities boosted the demand for the bullion as an alternative asset, while investors weighed a rise in holdings in bullion-backed exchange traded product, which signaled a revival in investment demand. Holdings in the SPDR Gold Trust rose the most since August, up 0.5 per cent last week. Federal Reserve Bank of Atlanta President Dennis Lockhart said that the US Federal Reserve must exercise patience as it ponders to begin raising rates from near zero as a reversal may hurt the credibility of the Fed, bolstering the appeal of the bullion as a store of value. Meanwhile, easing measures from major global central banks remain supportive for Gold as the European Central Bank (ECB) vowed to undertake further stimulus measures, the Bank of Japan upped stimulus while China cut interest rates. Gold futures may decline today as holdings in the SPDR Gold Trust resumed a decline. Gold futures for February 2015 contract, at MCX, is trading at Rs. 26,361 per 10 grams, up by 0.02 per cent, after opening at Rs. 26,400, against the previous closing price of Rs 26,357. It touched an intra-day high of Rs 26,459.
09/12/2014 09:38
Gold futures notched up slim gains in the domestic market on Monday tracking a positive trend in overseas markets as a slump in equities boosted the demand for the bullion as an alternative asset, while investors weighed a rise in holdings in bullion-backed exchange traded product, which signaled a revival in investment demand. Holdings in the SPDR Gold Trust rose the most since August, up 0.5 per cent last week. Federal Reserve Bank of Atlanta President Dennis Lockhart said that the US Federal Reserve must exercise patience as it ponders to begin raising rates from near zero as a reversal may hurt the credibility of the Fed, bolstering the appeal of the bullion as a store of value. Meanwhile, easing measures from major global central banks remain supportive for Gold as the European Central Bank (ECB) vowed to undertake further stimulus measures, the Bank of Japan upped stimulus while China cut interest rates. Gold futures may decline today as holdings in the SPDR Gold Trust resumed a decline. Gold futures for February 2015 contract, at MCX, is trading at Rs. 26,361 per 10 grams, up by 0.02 per cent, after opening at Rs. 26,400, against the previous closing price of Rs 26,357. It touched an intra-day high of Rs 26,459.
