Fed minutes spur Gold rally
18/08/2016 12:10
Gold futures rose during noon trade in the domestic market on Thursday as investors and speculators booked fresh positions in the yellow metal after US Fed minutes showed that officials in July were split over the need to raise interest rates again in the near-term as they agreed to wait for some more data before deciding on such a move, bolstering the lure for the bullion as a store of value.
Further, a weaker dollar bolstered the appeal of gold as an alternative asset. Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand.
At the MCX, Gold futures for October 2016 contract is trading at Rs 31,484, per 10 gram, up by 0.37 per cent after opening at Rs 31,399, against the previous closing price of Rs 31,368. It touched the intra-day high of Rs 31,500. (At 12:08 PM).
18/08/2016 12:10
Further, a weaker dollar bolstered the appeal of gold as an alternative asset. Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand.
At the MCX, Gold futures for October 2016 contract is trading at Rs 31,484, per 10 gram, up by 0.37 per cent after opening at Rs 31,399, against the previous closing price of Rs 31,368. It touched the intra-day high of Rs 31,500. (At 12:08 PM).
