Gold gains as dollar weakens
12/01/2015 12:10
Gold futures rose by 0.91 per cent on Monday at the domestic markets as a weaker dollar raised the appeal of the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus raising demand.
At the MCX, Gold futures for February 2015 contract was trading at Rs 27,045 per 10 gram, up by 0.91 per cent after opening at Rs 26,875, against the previous closing price of Rs 26,800. It touched the intra-day high of Rs 27,073 till the trading. (At 12.04 AM today).
Prices also rose after the latest U.S. jobs report showed a surprise drop in hourly wages, suggesting that the Federal Reserve could keep rates on hold for longer. The Labor Department reported that the U.S. economy added 252,000 jobs in December, above expectations for jobs growth of 240,000. The unemployment rate ticked down to a six-and-a-half year low 5.6% from 5.8% in November.
12/01/2015 12:10
Gold futures rose by 0.91 per cent on Monday at the domestic markets as a weaker dollar raised the appeal of the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus raising demand.
At the MCX, Gold futures for February 2015 contract was trading at Rs 27,045 per 10 gram, up by 0.91 per cent after opening at Rs 26,875, against the previous closing price of Rs 26,800. It touched the intra-day high of Rs 27,073 till the trading. (At 12.04 AM today).
Prices also rose after the latest U.S. jobs report showed a surprise drop in hourly wages, suggesting that the Federal Reserve could keep rates on hold for longer. The Labor Department reported that the U.S. economy added 252,000 jobs in December, above expectations for jobs growth of 240,000. The unemployment rate ticked down to a six-and-a-half year low 5.6% from 5.8% in November.
