Robust safe haven demand lifts Bullion
27/03/2015 09:56
Gold futures surged in the domestic market on Thursday as investors and speculators booked fresh positions in the precious metal tracking a bullish trend in the overseas market as fresh tensions in the Middle East boosted the safe haven demand for gold. Saudi Arabia and its allies began bombing Shiite targets in Yemen while Egypt was set to assist Saudi Arabia in launching a ground assault in Yemen. A top US Federal Reserve official ruled out the case for an imminent rate lift-off, bolstering the appeal of the bullion as a store of value. Federal Reserve Bank of Atlanta President Dennis Lockhart sees the rate lift-off coming in at mid-year or even later amidst mixed signals from the world’s biggest economy. Gold may trade subdued today amid caution ahead of the speech of Fed Chair Janet Yellen 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 closed at Rs 26,801 per 10 gram, up by 1.2 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 26,988 till the closing.
27/03/2015 09:56
Gold futures surged in the domestic market on Thursday as investors and speculators booked fresh positions in the precious metal tracking a bullish trend in the overseas market as fresh tensions in the Middle East boosted the safe haven demand for gold. Saudi Arabia and its allies began bombing Shiite targets in Yemen while Egypt was set to assist Saudi Arabia in launching a ground assault in Yemen. A top US Federal Reserve official ruled out the case for an imminent rate lift-off, bolstering the appeal of the bullion as a store of value. Federal Reserve Bank of Atlanta President Dennis Lockhart sees the rate lift-off coming in at mid-year or even later amidst mixed signals from the world’s biggest economy. Gold may trade subdued today amid caution ahead of the speech of Fed Chair Janet Yellen 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 closed at Rs 26,801 per 10 gram, up by 1.2 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 26,988 till the closing.
