Gold futures end higher on global cues
21/05/2014 09:23
Gold futures ended higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal as a dip in equity markets boosted the demand for the yellow metal as an alternative asset. Sentiment was also boosted after a top official from the US Federal Reserve predicted a slow pace of monetary tightening after QE ends, bolstering the appeal of gold as a store of value. Federal Reserve Bank of New York President William Dudley saw a relatively slow pace of interest rate increases by the central bank in the world’s biggest economy. However, falling physical demand for gold curbed gains in the precious metal. Global gold demand declined to 1074.5 metric tons in Q1 2014 from 1077.2 metric tons in the same period a year ago as consumption from China, the world’s biggest bullion user, fell 18 per cent. Gold futures may trade on a cautious note today ahead of the FOMC minutes. Gold futures for June 2014 contract, at MCX, closed at Rs. 28,186 per 10 grams, up by 0.15 per cent, after opening at Rs. 28,120, against the previous closing price of Rs 28,144. It touched an intra-day high of Rs 28,245
21/05/2014 09:23
Gold futures ended higher in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal as a dip in equity markets boosted the demand for the yellow metal as an alternative asset. Sentiment was also boosted after a top official from the US Federal Reserve predicted a slow pace of monetary tightening after QE ends, bolstering the appeal of gold as a store of value. Federal Reserve Bank of New York President William Dudley saw a relatively slow pace of interest rate increases by the central bank in the world’s biggest economy. However, falling physical demand for gold curbed gains in the precious metal. Global gold demand declined to 1074.5 metric tons in Q1 2014 from 1077.2 metric tons in the same period a year ago as consumption from China, the world’s biggest bullion user, fell 18 per cent. Gold futures may trade on a cautious note today ahead of the FOMC minutes. Gold futures for June 2014 contract, at MCX, closed at Rs. 28,186 per 10 grams, up by 0.15 per cent, after opening at Rs. 28,120, against the previous closing price of Rs 28,144. It touched an intra-day high of Rs 28,245
