Gold drops as Fed signal strong economic growth
29/01/2015 12:26
Gold prices fell by 0.01 per cent on Thursday at the domestic markets after trhe 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 futures for February 2015 contract, at MCX, were trading at Rs. 27,756 per 10 grams, down by 0.01 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. 27,729 till the trading. (At 11.54 AM today).
29/01/2015 12:26
Gold prices fell by 0.01 per cent on Thursday at the domestic markets after trhe 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 futures for February 2015 contract, at MCX, were trading at Rs. 27,756 per 10 grams, down by 0.01 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. 27,729 till the trading. (At 11.54 AM today).
