Gold closes higher on strong global cues
20/03/2015 09:48
Gold futures rose in the domestic and overseas market on Thursday as investors continued to ponder Federal Reserve tea leaves on the prospects of a rate hike by June. Prices rose after somewhat dovish comments from Federal Reserve chair Janet Yellen regarding a potential interest rate hike helped the precious metal rebound from an extended slump. Further, weaker dollar boosted the demand for gold as an alternative asset, trimming losses in the bullion. Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand. Gold may trade on a higher note today after the US Fed policy meet. At the MCX, Gold futures for April 2015 contract closed at Rs 25,962 per 10 gram, up by 1.28 per cent after opening at Rs 25,740, against the previous closing price of Rs 25,637. It touched the intra-day high of Rs 25,997 till the closing.
20/03/2015 09:48
Gold futures rose in the domestic and overseas market on Thursday as investors continued to ponder Federal Reserve tea leaves on the prospects of a rate hike by June. Prices rose after somewhat dovish comments from Federal Reserve chair Janet Yellen regarding a potential interest rate hike helped the precious metal rebound from an extended slump. Further, weaker dollar boosted the demand for gold as an alternative asset, trimming losses in the bullion. Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand. Gold may trade on a higher note today after the US Fed policy meet. At the MCX, Gold futures for April 2015 contract closed at Rs 25,962 per 10 gram, up by 1.28 per cent after opening at Rs 25,740, against the previous closing price of Rs 25,637. It touched the intra-day high of Rs 25,997 till the closing.
