Safe haven demand boosts bullion
21/10/2014 11:02
Gold futures were trading higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal as fears over a faltering recovery in the Euro area and a deepening slowdown in China’s economy which last quarter grew at the slowest pace since Q1 2009 boosted the safe haven demand for the yellow metal. Reports signaled that the European Central Bank (ECB) has kick-started its purchase of large-scale assets, bolstering the outlook for gold, a hedge against the inflationary risk of monetary stimulus. Gold futures for December 2014 contract, at MCX, is trading at Rs. 27,563 per 10 grams, up by 0.54 per cent, after opening at Rs. 27,473, against the previous closing price of Rs 27,415. It touched an intra-day high of Rs 27,572. (At 10:48 AM).
21/10/2014 11:02
Gold futures were trading higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal as fears over a faltering recovery in the Euro area and a deepening slowdown in China’s economy which last quarter grew at the slowest pace since Q1 2009 boosted the safe haven demand for the yellow metal. Reports signaled that the European Central Bank (ECB) has kick-started its purchase of large-scale assets, bolstering the outlook for gold, a hedge against the inflationary risk of monetary stimulus. Gold futures for December 2014 contract, at MCX, is trading at Rs. 27,563 per 10 grams, up by 0.54 per cent, after opening at Rs. 27,473, against the previous closing price of Rs 27,415. It touched an intra-day high of Rs 27,572. (At 10:48 AM).
