Weaker greenback lifts Bullion
20/04/2015 09:28
Gold futures closed higher in the domestic and overseas market on Friday as investors and speculators booked fresh positions in the precious metal as a weaker dollar boosted the appeal of the precious metal as an alternative asset while uncertainty over the outcome of negotiations between Greece and its creditors with the country running out of time to strike a debt deal bolstered safe haven demand for the yellow metal.
Weaker greenback makes gold cheaper for those holding other currencies, thus bolstering demand.
Core consumer prices in the US on an annual basis rose at the quickest pace since October, up 1.8 per cent in March 2015, while they climbed 0.2 per cent from February. A pickup in inflation may give Fed policymakers more confidence to ponder an exit from the zero money policy stance in the coming months.
Gold futures may trade on a cautious note today ahead of key reports this week including durable goods orders and housing data to gauge the strength of the world’s biggest economy.
At the MCX, Gold futures for June 2015 contract closed at Rs 26,812 per 10 gram, up by 0.63 per cent after opening at Rs 26,612, against the previous closing price of Rs 26,645. It touched the intra-day high of Rs 26,840 till the closing.
20/04/2015 09:28
Gold futures closed higher in the domestic and overseas market on Friday as investors and speculators booked fresh positions in the precious metal as a weaker dollar boosted the appeal of the precious metal as an alternative asset while uncertainty over the outcome of negotiations between Greece and its creditors with the country running out of time to strike a debt deal bolstered safe haven demand for the yellow metal.
Weaker greenback makes gold cheaper for those holding other currencies, thus bolstering demand.
Core consumer prices in the US on an annual basis rose at the quickest pace since October, up 1.8 per cent in March 2015, while they climbed 0.2 per cent from February. A pickup in inflation may give Fed policymakers more confidence to ponder an exit from the zero money policy stance in the coming months.
Gold futures may trade on a cautious note today ahead of key reports this week including durable goods orders and housing data to gauge the strength of the world’s biggest economy.
At the MCX, Gold futures for June 2015 contract closed at Rs 26,812 per 10 gram, up by 0.63 per cent after opening at Rs 26,612, against the previous closing price of Rs 26,645. It touched the intra-day high of Rs 26,840 till the closing.
