MCX Gold Tips : Gold futures closed higher in the domestic market on Thursday tracking a firm trend in the overseas market as investors and speculators booked fresh stand in the precious metal as a weaker dollar boosted the lure for the bullion as an alternative asset.
Weaker greenback makes the Gold cheaper for those holding other currencies, thus bolstering the appeal of gold.
The US dollar and dollar-denominated commodities such as the yellow metal have an inverse trading relationship.
However, gains in gold futures were curbed by robust US labour market data which signaled strength in the world’s biggest economy, vindicating the US Fed Reserve’s decision to raise interest rates for the first time in almost a decade, earlier this month, dimming the appeal of the bullion as a store of value.
The number of Americans who sought to claim unemployment insurance benefits hit the shortest level in four weeks in the week ended December 19, 2015, down by 5,000.
Gold may trade on a cautious note today amidst lackluster global cues as most traders stay on the sidelines ahead of the New Year.
At the MCX, Gold futures for February 2016 contract closed at Rs 25,212 per 10 gram, up by 0.58 per cent after opening at Rs 25,123, against the previous closing price of Rs 25,067. It touched the intra-day high of Rs 25,227.
Weaker greenback makes the Gold cheaper for those holding other currencies, thus bolstering the appeal of gold.
The US dollar and dollar-denominated commodities such as the yellow metal have an inverse trading relationship.
However, gains in gold futures were curbed by robust US labour market data which signaled strength in the world’s biggest economy, vindicating the US Fed Reserve’s decision to raise interest rates for the first time in almost a decade, earlier this month, dimming the appeal of the bullion as a store of value.
The number of Americans who sought to claim unemployment insurance benefits hit the shortest level in four weeks in the week ended December 19, 2015, down by 5,000.
Gold may trade on a cautious note today amidst lackluster global cues as most traders stay on the sidelines ahead of the New Year.
At the MCX, Gold futures for February 2016 contract closed at Rs 25,212 per 10 gram, up by 0.58 per cent after opening at Rs 25,123, against the previous closing price of Rs 25,067. It touched the intra-day high of Rs 25,227.
No comments:
Post a Comment