Gold gains on oil slump
13/01/2015 12:14
Gold futures rose by 0.26 per cent on Tuesday at the domestic markets as investors sought shelter from steep losses in the oil market and amid speculation the Federal Reserve will keep rates on hold for longer. Oil prices continued to tumble to trade near the lowest level since spring 2009 after Goldman Sachs slashed its 2015 price forecast, citing rising global supplies. At the MCX, Gold futures for February 2015 contract was trading at Rs 27,100 per 10 gram, up by 0.26 per cent after opening at Rs 27,145, against the previous closing price of Rs 27,030. It touched the intra-day high of Rs 27,180 till the trading. (At 12.04 AM today).
However, gains were limited as a stronger 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
13/01/2015 12:14
Gold futures rose by 0.26 per cent on Tuesday at the domestic markets as investors sought shelter from steep losses in the oil market and amid speculation the Federal Reserve will keep rates on hold for longer. Oil prices continued to tumble to trade near the lowest level since spring 2009 after Goldman Sachs slashed its 2015 price forecast, citing rising global supplies. At the MCX, Gold futures for February 2015 contract was trading at Rs 27,100 per 10 gram, up by 0.26 per cent after opening at Rs 27,145, against the previous closing price of Rs 27,030. It touched the intra-day high of Rs 27,180 till the trading. (At 12.04 AM today).
However, gains were limited as a stronger 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
