Robust physical demand sparks bullion rebound
26/12/2014 10:24
Gold futures were trading higher in the domestic market on Friday tracking a firm trend in the overseas market as the recent losses in the bullion spurred physical demand for the precious metal.
However, overall sentiment in the bullion may continue to remain bearish as an improving US economic outlook, expectations for US monetary tightening in 2015, the lowest level of holdings in gold-backed exchange traded products in more than six years, a stronger dollar and plunging oil prices which threaten to curb gold’s appeal as a hedge against inflation, weigh on demand.
At the MCX, Gold futures for February 2015 contract is trading at Rs 26,809 per 10 gram, up by 0.85 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 26,847 till the closing. (At 10:11 AM)
26/12/2014 10:24
Gold futures were trading higher in the domestic market on Friday tracking a firm trend in the overseas market as the recent losses in the bullion spurred physical demand for the precious metal.
However, overall sentiment in the bullion may continue to remain bearish as an improving US economic outlook, expectations for US monetary tightening in 2015, the lowest level of holdings in gold-backed exchange traded products in more than six years, a stronger dollar and plunging oil prices which threaten to curb gold’s appeal as a hedge against inflation, weigh on demand.
At the MCX, Gold futures for February 2015 contract is trading at Rs 26,809 per 10 gram, up by 0.85 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 26,847 till the closing. (At 10:11 AM)
