Gold closes lower on weak global cues
30/01/2015 09:48
Gold futures ended lower in the domestic market on Thursday after the Federal Reserve signaled it remained on track to raise interest rates this year, though the timing remains uncertain. Federal Reserve said the U.S. economy was expanding "at a solid pace" as it largely looked through weakness overseas in a signal that it remains on track to raise interest rates later this year. Further, a stronger dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand. Gold may fall today after the Fed raised its assessment of the US economy and job market even as it acknowledged global risks. At the MCX, Gold futures for February 2015 contract closed at Rs 27,419 per 10 gram, down by 1.22 per cent after opening at Rs 27,729, against the previous closing price of Rs 27,759. It touched the intra-day low of Rs 27,382 till the closing.
30/01/2015 09:48
Gold futures ended lower in the domestic market on Thursday after the Federal Reserve signaled it remained on track to raise interest rates this year, though the timing remains uncertain. Federal Reserve said the U.S. economy was expanding "at a solid pace" as it largely looked through weakness overseas in a signal that it remains on track to raise interest rates later this year. Further, a stronger dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand. Gold may fall today after the Fed raised its assessment of the US economy and job market even as it acknowledged global risks. At the MCX, Gold futures for February 2015 contract closed at Rs 27,419 per 10 gram, down by 1.22 per cent after opening at Rs 27,729, against the previous closing price of Rs 27,759. It touched the intra-day low of Rs 27,382 till the closing.
