Bullion shines on safe haven appeal
02/02/2015 09:30
Gold futures closed higher in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as weaker than expected US Q4 GDP numbers boosted the safe haven demand for the yellow metal.
The world’s biggest economy expanded at a slower than estimated 2.6 per cent annualized pace in the final quarter of last year, decelerating from an annual advance of 5 per cent expansion in Q3, the highest growth in eleven years as businesses curbed spending.
The disappointing Q4 GDP data raised bets that the US Federal Reserve may refrain from hiking short-term interest rates in the near-term for the first time since 2006, bolstering the demand for the bullion as a store of value.
Gold may continue the upward ride today on rising safe haven demand.
At the MCX, Gold futures for February 2015 contract closed at Rs 27,895 per 10 gram, up by 1.74 per cent after opening at Rs 27,452, against the previous closing price of Rs 27,419. It touched the intra-day high of Rs 28,178 till the closing
02/02/2015 09:30
Gold futures closed higher in the domestic market on Friday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as weaker than expected US Q4 GDP numbers boosted the safe haven demand for the yellow metal.
The world’s biggest economy expanded at a slower than estimated 2.6 per cent annualized pace in the final quarter of last year, decelerating from an annual advance of 5 per cent expansion in Q3, the highest growth in eleven years as businesses curbed spending.
The disappointing Q4 GDP data raised bets that the US Federal Reserve may refrain from hiking short-term interest rates in the near-term for the first time since 2006, bolstering the demand for the bullion as a store of value.
Gold may continue the upward ride today on rising safe haven demand.
At the MCX, Gold futures for February 2015 contract closed at Rs 27,895 per 10 gram, up by 1.74 per cent after opening at Rs 27,452, against the previous closing price of Rs 27,419. It touched the intra-day high of Rs 28,178 till the closing
