Gold gains prior to Chinese New Year holidays
13/02/2015 12:45
Gold prices rose by 0.63 per cent on Friday at the domestic markets as investors eyed demand from the upcoming Chinese New Year holidays next week. Further, weaker than expected U.S. retail sales and jobless claims data dampened optimism over the strength of the economic recovery. The U.S. Commerce Department said that retail sales declined by 0.8 per cent last month, worse than expectations for a drop of 0.5 per cent. The disappointing data scaled back expectations that the Federal Reserve will start raising rates from near zero levels as early as June. Gold futures for April 2015 contract, at MCX, were trading at Rs. 26,686 per 10 grams, up by 0.63 per cent after opening at Rs. 26,606 against the previous closing price of Rs. 26,519. It touched the intra-day high of Rs. 26,695 till the trading. (At 12.30 PM today).
A weak dollar raised the appeal of the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus increasing demand.
13/02/2015 12:45
Gold prices rose by 0.63 per cent on Friday at the domestic markets as investors eyed demand from the upcoming Chinese New Year holidays next week. Further, weaker than expected U.S. retail sales and jobless claims data dampened optimism over the strength of the economic recovery. The U.S. Commerce Department said that retail sales declined by 0.8 per cent last month, worse than expectations for a drop of 0.5 per cent. The disappointing data scaled back expectations that the Federal Reserve will start raising rates from near zero levels as early as June. Gold futures for April 2015 contract, at MCX, were trading at Rs. 26,686 per 10 grams, up by 0.63 per cent after opening at Rs. 26,606 against the previous closing price of Rs. 26,519. It touched the intra-day high of Rs. 26,695 till the trading. (At 12.30 PM today).
A weak dollar raised the appeal of the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus increasing demand.
