MCX GOLD TIPS | Gold prices rose by 0.09 per cent on Wednesday as consumer prices in China nudged a bit higher than expected, bolstering required hopes.
In China, CPI rose 1.5% year-on-year, a tick higher than the 1.4 per cent seen and PPI fell 5.9%, matching expectations. The higher customer inflation will no doubt limit the room for the People's Bank of China to again cut interest rates. The PBOC last cut the benchmark one-year deposit rate to 1.5 per cent at the end of October.
Gold futures for February 2016 agreement, at MCX, were trading at Rs. 25,548 per 10 grams, up by 0.09 per cent after opening at Rs. 25,530 against the last closing price of Rs. 25,526. It touched the intra-day high of Rs. 25,576 till the trading. (At 12.05 PM 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.
In China, CPI rose 1.5% year-on-year, a tick higher than the 1.4 per cent seen and PPI fell 5.9%, matching expectations. The higher customer inflation will no doubt limit the room for the People's Bank of China to again cut interest rates. The PBOC last cut the benchmark one-year deposit rate to 1.5 per cent at the end of October.
Gold futures for February 2016 agreement, at MCX, were trading at Rs. 25,548 per 10 grams, up by 0.09 per cent after opening at Rs. 25,530 against the last closing price of Rs. 25,526. It touched the intra-day high of Rs. 25,576 till the trading. (At 12.05 PM 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.
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