Gold surges on improved demand
20/01/2015 12:48
Gold prices rose by 0.31 per cent on Tuesday at the domestic markets on improved physical demand and shrugging off data from China that suggested further monetary easing ahead. China said full year growth rose 7.4 per cent in 2014, the slowest pace in 24 years, but quarterly data beat expectations. Meanwhile, investors await the European Central Bank's monthly meeting later in the week, amid speculation it will launch a government bond-buying program.
Gold futures for February 2015 contract, at MCX, were trading at Rs. 27,785 per 10 grams, up by 0.31 per cent after opening at Rs. 27,730 against the previous closing price of Rs. 27,700. It touched the intra-day high of Rs. 27,825 till the trading. (At 11.57 AM today).
However, 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.
20/01/2015 12:48
Gold prices rose by 0.31 per cent on Tuesday at the domestic markets on improved physical demand and shrugging off data from China that suggested further monetary easing ahead. China said full year growth rose 7.4 per cent in 2014, the slowest pace in 24 years, but quarterly data beat expectations. Meanwhile, investors await the European Central Bank's monthly meeting later in the week, amid speculation it will launch a government bond-buying program.
Gold futures for February 2015 contract, at MCX, were trading at Rs. 27,785 per 10 grams, up by 0.31 per cent after opening at Rs. 27,730 against the previous closing price of Rs. 27,700. It touched the intra-day high of Rs. 27,825 till the trading. (At 11.57 AM today).
However, 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.
