Gold gains on strong global cues
02/02/2015 11:47
Gold futures rose by 0.18 per cent on Monday at the domestic markets 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.
At the MCX, Gold futures for February 2015 contract was trading at Rs 27,945 per 10 gram, down by 0.18 per cent after opening at Rs 27,946, against the previous closing price of Rs 27,895. It touched the intra-day high of Rs 28,020 till the trading. (At 11.30 AM today).
However, 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.
02/02/2015 11:47
Gold futures rose by 0.18 per cent on Monday at the domestic markets 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.
At the MCX, Gold futures for February 2015 contract was trading at Rs 27,945 per 10 gram, down by 0.18 per cent after opening at Rs 27,946, against the previous closing price of Rs 27,895. It touched the intra-day high of Rs 28,020 till the trading. (At 11.30 AM today).
However, 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.
