Gold rises on strong buying activity
04/02/2015 12:05
Gold prices rose by 0.27 per cent on Wednesday at the domestic markets as investors focused on Chinese New Year demand and continued a buying trend seen overnight in the U.S.
Further, traders looked ahead to the release of key U.S. data later in the week for further indications on the strength of the economy and the future path of monetary policy.
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. 27,573 per 10 grams, up by 0.27 per cent after opening at Rs. 27,560 against the previous closing price of Rs. 27,498. It touched the intra-day high of Rs. 27,610 till the trading. (At 11.50 AM today).
04/02/2015 12:05
Gold prices rose by 0.27 per cent on Wednesday at the domestic markets as investors focused on Chinese New Year demand and continued a buying trend seen overnight in the U.S.
Further, traders looked ahead to the release of key U.S. data later in the week for further indications on the strength of the economy and the future path of monetary policy.
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. 27,573 per 10 grams, up by 0.27 per cent after opening at Rs. 27,560 against the previous closing price of Rs. 27,498. It touched the intra-day high of Rs. 27,610 till the trading. (At 11.50 AM today).
