Precious Metal Report

GOLD

Gold futures rose in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal after a top official from the US Federal Reserve urged the central bank to wait until mid-2015 to raise interest rates, bolstering the appeal of the bullion as a store of value. Federal Reserve Bank of Atlanta President Dennis Lockhart said that the US Federal Reserve must exercise patience as it ponders to begin raising rates from near zero as a reversal may hurt the credibility of the Fed. The pause in the rally of the US dollar has also brought relief to Gold, which trades inversely with the greenback. Gold futures for February 2015 contract, at MCX, is trading at Rs. 26,525 per 10 grams, up by 0.62 per cent, after opening at Rs. 26,400, against the previous closing price of Rs 26,361. It touched an intra-day high of Rs 26,579. (At 11:32 AM).