Gold closes higher on weak doollar
19/03/2015 09:33
Gold futures rose in the domestic and overseas market on Wednesday as the US dollar weakened following comments from Federal Reserve chair Janet Yellen. While Ms. Yellen indicated that its benchmark Federal Funds Rate could be increased later this year, she emphasized that it will not occur until after the Federal Open Market Committee’s next meeting in April, at the earliest. Yellen added that the timing of the decision will be “data dependent,” and that a rate hike will not necessarily be made in June. A 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 25,637 per 10 gram, up by 0.08 per cent after opening at Rs 25,631, against the previous closing price of Rs 25,617. It touched the intra-day high of Rs 25,697 till the closing.
19/03/2015 09:33
Gold futures rose in the domestic and overseas market on Wednesday as the US dollar weakened following comments from Federal Reserve chair Janet Yellen. While Ms. Yellen indicated that its benchmark Federal Funds Rate could be increased later this year, she emphasized that it will not occur until after the Federal Open Market Committee’s next meeting in April, at the earliest. Yellen added that the timing of the decision will be “data dependent,” and that a rate hike will not necessarily be made in June. A 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 25,637 per 10 gram, up by 0.08 per cent after opening at Rs 25,631, against the previous closing price of Rs 25,617. It touched the intra-day high of Rs 25,697 till the closing.
