MCX GOLD TIPS: Gold futures posted a mild advance during noon trade in the domestic market on Friday as traders weighed the European Central Bank’s (ECB) comments in which it hinted at the possibility of an expansion in its monetary easing program in March, bolstering the lure for the yellow metal, which is a hedge against the inflationary risk of monetary stimulus.
ECB chief Mario Draghi vowed to take policy action in March, adding that there are “no limits” on how far the Frankfurt-based central bank is willing to deploy measures within its mandate. The ECB maintained its deposit rate at -0.3 per cent while the benchmark lending rate or the main refinancing rate was left untouched at 0.05 per cent.
The gains in the bullion were curbed by renewed risk appetite as stocks across Asia rebounded smartly tracking overnight gains at Wall Street with oil scripting a bounce back, lowering the appeal of safe haven assets.
At the MCX, Gold futures for February 2016 contract is trading at Rs 26,205 per 10 gram, up by 0.06 per cent after opening at Rs 26,281, against the previous closing price of Rs 26,190. It touched the intra-day high of Rs 26,281.
ECB chief Mario Draghi vowed to take policy action in March, adding that there are “no limits” on how far the Frankfurt-based central bank is willing to deploy measures within its mandate. The ECB maintained its deposit rate at -0.3 per cent while the benchmark lending rate or the main refinancing rate was left untouched at 0.05 per cent.
The gains in the bullion were curbed by renewed risk appetite as stocks across Asia rebounded smartly tracking overnight gains at Wall Street with oil scripting a bounce back, lowering the appeal of safe haven assets.
At the MCX, Gold futures for February 2016 contract is trading at Rs 26,205 per 10 gram, up by 0.06 per cent after opening at Rs 26,281, against the previous closing price of Rs 26,190. It touched the intra-day high of Rs 26,281.
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