Bullion extends rally as US consumer prices drop
19/01/2015 09:27
Gold futures ended higher in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal as the Swiss central bank’s move to end the franc’s cap against the euro roiled currency markets, boosting the safe haven appeal of the yellow metal, bolstering inflows into gold-backed exchange traded products (ETP).
Assets in the SPDR Gold Trust rose 1.9 per cent to 730.89 metric tons on January 16, the biggest gain since May 2010.
US consumer prices fell the most in six years amid plunging energy costs, raising bets that the US Federal Reserve may refrain from hiking interest rates in the near-term, bolstering the appeal of the bullion as a store of value. US consumer prices fell by 0.4 per cent in December 2014 from the previous month when they declined 0.3 per cent.
Gold may extend a rally amid bets that the European Central Bank (ECB) may unleash QE this week.
At the MCX, Gold futures for February 2015 contract closed at Rs 27,654 per 10 gram, up by 0.59 per cent after opening at Rs 27,525, against the previous closing price of Rs 27,492. It touched the intra-day high of Rs 27,790 till the closing
19/01/2015 09:27
Gold futures ended higher in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal as the Swiss central bank’s move to end the franc’s cap against the euro roiled currency markets, boosting the safe haven appeal of the yellow metal, bolstering inflows into gold-backed exchange traded products (ETP).
Assets in the SPDR Gold Trust rose 1.9 per cent to 730.89 metric tons on January 16, the biggest gain since May 2010.
US consumer prices fell the most in six years amid plunging energy costs, raising bets that the US Federal Reserve may refrain from hiking interest rates in the near-term, bolstering the appeal of the bullion as a store of value. US consumer prices fell by 0.4 per cent in December 2014 from the previous month when they declined 0.3 per cent.
Gold may extend a rally amid bets that the European Central Bank (ECB) may unleash QE this week.
At the MCX, Gold futures for February 2015 contract closed at Rs 27,654 per 10 gram, up by 0.59 per cent after opening at Rs 27,525, against the previous closing price of Rs 27,492. It touched the intra-day high of Rs 27,790 till the closing
