Fed rate outlook drags down Bullion
30/03/2015 12:21
Gold futures fell in the domestic market on Monday as the dollar’s strength dampened the demand for the bullion as an alternative asset. Stronger dollar curbed the demand for gold as an alternative asset.
Further, investors were cautious ahead of US consumer spending data for the month of February which may show a rebound in household spending after two straight declines, dimming the safe haven appeal for gold.
Meanwhile, Fed Chair Janet Yellen signaled strong likelihood of an interest rate lift-off this year, dimming the yellow metal’s appeal as a store of value.
At the MCX, Gold futures for April 2015 contract is trading at Rs 26,432 per 10 gram, down by 0.52 per cent after opening at Rs 26,430, against the previous closing price of Rs 26,569. It touched the intra-day low of Rs 26,400. (At 11:52 AM).
30/03/2015 12:21
Gold futures fell in the domestic market on Monday as the dollar’s strength dampened the demand for the bullion as an alternative asset. Stronger dollar curbed the demand for gold as an alternative asset.
Further, investors were cautious ahead of US consumer spending data for the month of February which may show a rebound in household spending after two straight declines, dimming the safe haven appeal for gold.
Meanwhile, Fed Chair Janet Yellen signaled strong likelihood of an interest rate lift-off this year, dimming the yellow metal’s appeal as a store of value.
At the MCX, Gold futures for April 2015 contract is trading at Rs 26,432 per 10 gram, down by 0.52 per cent after opening at Rs 26,430, against the previous closing price of Rs 26,569. It touched the intra-day low of Rs 26,400. (At 11:52 AM).
