Fed Evans’ comments lift Gold
05/03/2015 09:43
Gold futures closed higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal after a top US Federal Reserve official urged policymakers to hold off interest rate increases until next year to help inflation reach the central bank’s 2 per cent target by 2018, bolstering the appeal of the bullion as a store of value.
Federal Reserve Chicago President Charles Evans urged the FOMC to refrain from a rate lift-off this year.
However, gold fell in the overseas market on Wednesday as a stronger dollar, which hit an eleven-year high curbed the demand for the bullion as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand.
Gold may trade on a cautious note today as investors’ eye the outcome of the ECB’s policy meet where it may unveil the exact details of its 1.1 billion euro QE plan.
At the MCX, Gold futures for April 2015 contract closed at Rs 26,547 per 10 gram, up by 0.45 per cent after opening at Rs 26,411, against the previous closing price of Rs 26,427. It touched the intra-day high of Rs 26,579 till the closing.
05/03/2015 09:43
Gold futures closed higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal after a top US Federal Reserve official urged policymakers to hold off interest rate increases until next year to help inflation reach the central bank’s 2 per cent target by 2018, bolstering the appeal of the bullion as a store of value.
Federal Reserve Chicago President Charles Evans urged the FOMC to refrain from a rate lift-off this year.
However, gold fell in the overseas market on Wednesday as a stronger dollar, which hit an eleven-year high curbed the demand for the bullion as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand.
Gold may trade on a cautious note today as investors’ eye the outcome of the ECB’s policy meet where it may unveil the exact details of its 1.1 billion euro QE plan.
At the MCX, Gold futures for April 2015 contract closed at Rs 26,547 per 10 gram, up by 0.45 per cent after opening at Rs 26,411, against the previous closing price of Rs 26,427. It touched the intra-day high of Rs 26,579 till the closing.
