MCX GOLD TIPS | Gold futures advanced during late morning trade in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as a softer dollar bolstered the appeal of the bullion as an alternative asset. Weakness in the greenback makes dollar-denominated commodities like gold cheaper for those holding other currencies, thus boosting their demand.
Concerns over the global economic recovery in the wake of US policy tightening, a lingering China slowdown and a worsening commodity rout also bolstered the safe haven demand for Gold.
Gold traders seemed to have digested the first rate hike by the US Fed since 2006 last week with the world’s top central bank signaling a gradual pace of rate tightening, positive for the bullion, a non-interest bearing asset.
At the MCX, Gold futures for February 2016 contract is trading at Rs 25,183 per 10 gram, up by 0.40 per cent after opening at Rs 25,173, against the previous closing price of Rs 25,082. It touched the intra-day high of Rs 25,212. (At 11:27 AM).
Concerns over the global economic recovery in the wake of US policy tightening, a lingering China slowdown and a worsening commodity rout also bolstered the safe haven demand for Gold.
Gold traders seemed to have digested the first rate hike by the US Fed since 2006 last week with the world’s top central bank signaling a gradual pace of rate tightening, positive for the bullion, a non-interest bearing asset.
At the MCX, Gold futures for February 2016 contract is trading at Rs 25,183 per 10 gram, up by 0.40 per cent after opening at Rs 25,173, against the previous closing price of Rs 25,082. It touched the intra-day high of Rs 25,212. (At 11:27 AM).
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