Gold rises on Chinese New Year demand
03/02/2015 12:13
Gold prices rose by 0.04 per cent on Tuesday at the domestic markets with investors looking ahead to Chinese New Year demand. 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. Gold futures for February 2015 contract, at MCX, were trading at Rs. 27,850 per 10 grams, up by 0.04 per cent after opening at Rs. 27,721 against the previous closing price of Rs. 27,840. It touched the intra-day high of Rs. 27,871 till the trading. (At 11.58 AM today).
03/02/2015 12:13
Gold prices rose by 0.04 per cent on Tuesday at the domestic markets with investors looking ahead to Chinese New Year demand. 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. Gold futures for February 2015 contract, at MCX, were trading at Rs. 27,850 per 10 grams, up by 0.04 per cent after opening at Rs. 27,721 against the previous closing price of Rs. 27,840. It touched the intra-day high of Rs. 27,871 till the trading. (At 11.58 AM today).
