Gold gains with Greece in focus
06/02/2015 12:27
Gold prices rose by 0.42 per cent on Friday at the domestic markets as investors awaited US non-farm payroll data and the latest twist in Greece's efforts to renegotiate with creditors. The European Central Bank said it would no longer accept Greek bonds as collateral for lending, shifting the burden on to Greece’s central bank to provide additional liquidity for its lenders and increasing pressure on Athens. Gold futures for April 2015 contract, at MCX, were trading at Rs. 27,417 per 10 grams, up by 0.42 per cent after opening at Rs. 27,345 against the previous closing price of Rs. 27,301. It touched the intra-day high of Rs. 27,440 till the trading. (At 11.59 AM today).
However, a strong 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.
06/02/2015 12:27
Gold prices rose by 0.42 per cent on Friday at the domestic markets as investors awaited US non-farm payroll data and the latest twist in Greece's efforts to renegotiate with creditors. The European Central Bank said it would no longer accept Greek bonds as collateral for lending, shifting the burden on to Greece’s central bank to provide additional liquidity for its lenders and increasing pressure on Athens. Gold futures for April 2015 contract, at MCX, were trading at Rs. 27,417 per 10 grams, up by 0.42 per cent after opening at Rs. 27,345 against the previous closing price of Rs. 27,301. It touched the intra-day high of Rs. 27,440 till the trading. (At 11.59 AM today).
However, a strong 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.
