Fresh Fed jitters hit Bullion
10/04/2015 09:34
Gold futures ended lower in the domestic and overseas market on Thursday as investors and speculators exited positions in the precious metal amid renewed fears that the US Federal Reserve is moving towards undertaking a maiden interest rate hike since 2006, dimming the appeal of the bullion as a store of value.
Minutes from the Fed’s latest policy meet in March signaled that policymakers were split over the prospect of an initial rate lift-off in June, a divide that occurred before the insipid March payrolls data was released.
Despite the slowdown in the world’s biggest economy evident by recent tepid data, Federal Reserve Bank of New York President William Dudley feels that a June rate hike is still an option if economic data were to pickup over the next couple of months.
Gold futures may rebound today amid a pickup in physical demand for the precious metal in Asia.
At the MCX, Gold futures for June 2015 contract closed at Rs 26,521 per 10 gram, down by 0.89 per cent after opening at Rs 26,700, against the previous closing price of Rs 26,760. It touched the intra-day low of Rs 26,462 till the closing.
10/04/2015 09:34
Gold futures ended lower in the domestic and overseas market on Thursday as investors and speculators exited positions in the precious metal amid renewed fears that the US Federal Reserve is moving towards undertaking a maiden interest rate hike since 2006, dimming the appeal of the bullion as a store of value.
Minutes from the Fed’s latest policy meet in March signaled that policymakers were split over the prospect of an initial rate lift-off in June, a divide that occurred before the insipid March payrolls data was released.
Despite the slowdown in the world’s biggest economy evident by recent tepid data, Federal Reserve Bank of New York President William Dudley feels that a June rate hike is still an option if economic data were to pickup over the next couple of months.
Gold futures may rebound today amid a pickup in physical demand for the precious metal in Asia.
At the MCX, Gold futures for June 2015 contract closed at Rs 26,521 per 10 gram, down by 0.89 per cent after opening at Rs 26,700, against the previous closing price of Rs 26,760. It touched the intra-day low of Rs 26,462 till the closing.
