Fading Fed tightening fears boost Bullion
28/04/2015 09:05
Gold futures soared in the domestic and overseas market on Monday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market amid easing bets of a US Federal Reserve interest rate lift-off in the near-term, bolstering the appeal of the bullion as a store of value.
The Fed which will begin a two-day policy meet is unlikely to indicate imminent rate tightening amid the recent soft patch of economic data and below target inflation.
A gauge measuring capital spending in the US has fallen for seven straight months through March, while consumer spending cooled in Q1 and employment growth plunged in March, prompting a cautious approach from the Fed over a maiden rate hike since 2006.
Gold futures may trade on a cautious note today as investors await fresh cues from the Fed over the timing of a rate hike.
At the MCX, Gold futures for June 2015 contract closed at Rs 27,083 per 10 gram, up by 1.43 per cent after opening at Rs 26,771, against the previous closing price of Rs 26,701. It touched the intra-day high of Rs 27,135 till the closing.
28/04/2015 09:05
Gold futures soared in the domestic and overseas market on Monday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market amid easing bets of a US Federal Reserve interest rate lift-off in the near-term, bolstering the appeal of the bullion as a store of value.
The Fed which will begin a two-day policy meet is unlikely to indicate imminent rate tightening amid the recent soft patch of economic data and below target inflation.
A gauge measuring capital spending in the US has fallen for seven straight months through March, while consumer spending cooled in Q1 and employment growth plunged in March, prompting a cautious approach from the Fed over a maiden rate hike since 2006.
Gold futures may trade on a cautious note today as investors await fresh cues from the Fed over the timing of a rate hike.
At the MCX, Gold futures for June 2015 contract closed at Rs 27,083 per 10 gram, up by 1.43 per cent after opening at Rs 26,771, against the previous closing price of Rs 26,701. It touched the intra-day high of Rs 27,135 till the closing.
