Bullion logs slim gains on Greek jitters
14/01/2015 09:36
Gold futures posted a slim advance in the domestic market on Tuesday as fears that Greece may exit the euro, coupled with a deepening turmoil in the oil market boosted the safe haven demand for the precious metal.
Opinion polls showed that Greek Prime Minister Antonis Samaras hasn’t narrowed the lead by his leading opponent from the Syriza party which has opposed the country’s painful austerity program. Speculation is rife that a change in the country’s political landscape with an anti-austerity party coming into power may put Greece’s bailout program in limbo, pushing it out of the Euro.
Federal Reserve Bank of Minneapolis President Narayana Kocherlakota warned policymakers that an interest rate hike in 2015 may impede the US economic recovery, bolstering the appeal of the bullion as a store of value.
Gold may trade on a cautious note today ahead of US December retail sales data.
At the MCX, Gold futures for February 2015 contract closed at Rs 27,055 per 10 gram, up by 0.09 per cent after opening at Rs 27,145, against the previous closing price of Rs 27,030. It touched the intra-day high of Rs 27,262 till the closing
14/01/2015 09:36
Gold futures posted a slim advance in the domestic market on Tuesday as fears that Greece may exit the euro, coupled with a deepening turmoil in the oil market boosted the safe haven demand for the precious metal.
Opinion polls showed that Greek Prime Minister Antonis Samaras hasn’t narrowed the lead by his leading opponent from the Syriza party which has opposed the country’s painful austerity program. Speculation is rife that a change in the country’s political landscape with an anti-austerity party coming into power may put Greece’s bailout program in limbo, pushing it out of the Euro.
Federal Reserve Bank of Minneapolis President Narayana Kocherlakota warned policymakers that an interest rate hike in 2015 may impede the US economic recovery, bolstering the appeal of the bullion as a store of value.
Gold may trade on a cautious note today ahead of US December retail sales data.
At the MCX, Gold futures for February 2015 contract closed at Rs 27,055 per 10 gram, up by 0.09 per cent after opening at Rs 27,145, against the previous closing price of Rs 27,030. It touched the intra-day high of Rs 27,262 till the closing
