Gold extends rally, Yellen speech eyed
26/03/2015 11:27
Gold futures rose in the domestic market on Thursday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as the weakness in the US dollar, movements of which are inversely related to gold, boosted the appeal of the bullion as an alternative asset. A weaker dollar makes the bullion cheaper for those holding other currencies, thus bolstering demand. All eyes are on the speech of Fed Chair Janet Yellen tomorrow who will speak at the Federal Reserve Bank of San Francisco Conference on Friday on “The New Normal for Monetary Policy”, and may offer cues over the timing to undertake the maiden US interest rate hike since 2006. At the MCX, Gold futures for April 2015 contract is trading at Rs 26,599 per 10 gram, up by 0.44 per cent after opening at Rs 26,590, against the previous closing price of Rs 26,483. It touched the intra-day high of Rs 26,614 till the closing. (At 11:01 AM).
26/03/2015 11:27
Gold futures rose in the domestic market on Thursday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as the weakness in the US dollar, movements of which are inversely related to gold, boosted the appeal of the bullion as an alternative asset. A weaker dollar makes the bullion cheaper for those holding other currencies, thus bolstering demand. All eyes are on the speech of Fed Chair Janet Yellen tomorrow who will speak at the Federal Reserve Bank of San Francisco Conference on Friday on “The New Normal for Monetary Policy”, and may offer cues over the timing to undertake the maiden US interest rate hike since 2006. At the MCX, Gold futures for April 2015 contract is trading at Rs 26,599 per 10 gram, up by 0.44 per cent after opening at Rs 26,590, against the previous closing price of Rs 26,483. It touched the intra-day high of Rs 26,614 till the closing. (At 11:01 AM).
