DATE: 23/04/2015
Precious Metals
GOLD
Gold futures ended higher in the domestic and overseas market on Tuesday as investors and speculators booked fresh positions in the precious metal as a weaker dollar boosted the appeal of the precious metal as an alternative asset. Weaker greenback makes gold cheaper for those holding other currencies, thus bolstering demand. Further, lingering worries over Greece’s possible exit from the Euro area and elections in the UK next month amid fears that the country may head for referendum over its EU membership bolstered safe haven demand for the bullion. A media report emerged that the European Central Bank was pondering restricting funding to Greek banks, a move that could push Greece closer to a catastrophic default. Gold futures may trade on a steady note today ahead of key US housing data which will offer further cues over the health of the world’s biggest economy. At the MCX Gold futures for June 2015 contract closed at Rs 26,936 per 10 gram, up by 0.37 percent after opening at Rs 26,880, against the previous closing price of Rs 26,837. It touched the intra-day high of Rs 26,950 till the closing.
Gold futures ended higher in the domestic and overseas market on Tuesday as investors and speculators booked fresh positions in the precious metal as a weaker dollar boosted the appeal of the precious metal as an alternative asset. Weaker greenback makes gold cheaper for those holding other currencies, thus bolstering demand. Further, lingering worries over Greece’s possible exit from the Euro area and elections in the UK next month amid fears that the country may head for referendum over its EU membership bolstered safe haven demand for the bullion. A media report emerged that the European Central Bank was pondering restricting funding to Greek banks, a move that could push Greece closer to a catastrophic default. Gold futures may trade on a steady note today ahead of key US housing data which will offer further cues over the health of the world’s biggest economy. At the MCX Gold futures for June 2015 contract closed at Rs 26,936 per 10 gram, up by 0.37 percent after opening at Rs 26,880, against the previous closing price of Rs 26,837. It touched the intra-day high of Rs 26,950 till the closing.
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