Gold rises after weak US data
17/04/2015 12:33
Gold prices rose by 0.17 per cent on Friday at the domestic markets following the release of disappointing data on US jobless claims which sparked fresh concerns over the strength of the economy, fuelling speculation that the Federal Reserve could delay hiking interest rates until late 2015, instead of tightening midyear.
The US Department of Labor said the number of individuals filing for initial jobless benefits in the week ending April 11 increased by 12,000 to 294,000 from the previous week’s total of 282,000. However, a strong dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand.
Gold futures for June 2015 contract, at MCX, were trading at Rs. 26,689 per 10 grams, up by 0.17 per cent after opening at Rs. 26,617 against the previous closing price of Rs. 26,645. It touched the intra-day high of Rs. 26,725 till the trading. (At 11.59 AM today).
17/04/2015 12:33
Gold prices rose by 0.17 per cent on Friday at the domestic markets following the release of disappointing data on US jobless claims which sparked fresh concerns over the strength of the economy, fuelling speculation that the Federal Reserve could delay hiking interest rates until late 2015, instead of tightening midyear.
The US Department of Labor said the number of individuals filing for initial jobless benefits in the week ending April 11 increased by 12,000 to 294,000 from the previous week’s total of 282,000. However, a strong dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand.
Gold futures for June 2015 contract, at MCX, were trading at Rs. 26,689 per 10 grams, up by 0.17 per cent after opening at Rs. 26,617 against the previous closing price of Rs. 26,645. It touched the intra-day high of Rs. 26,725 till the trading. (At 11.59 AM today).
