MCX GOLD TIPS | Gold prices rose by 0.52 per cent on Tuesday on short covering and as the dollar dipped from multi-month highs. Speculators are holding record short positions in gold futures due to a looming US interest rate hike, but this could help gold prices in the near term. Gold futures for December 2015 contract, at MCX, were trading at Rs. 25,100 per 10 grams, up by 0.52 per cent after opening at Rs. 25,183 against the previous closing price of Rs. 25,069. It touched the intra-day high of Rs. 25,218 till the trading. (At 11.45 AM today).
Further, a weaker dollar raised the appeal of Gold as an alternative asset. Weaker greenback makes the bullion cheaper for those holding other currencies, thus increasing demand.
Further, a weaker dollar raised the appeal of Gold as an alternative asset. Weaker greenback makes the bullion cheaper for those holding other currencies, thus increasing demand.
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