Yellow metal shines after FOMC minutes
05/01/2017 14:02
Gold futures were trading higher during afternoon trade in the domestic market on Thursday as investors and speculators extended their positions in the precious metal as US dollar retreated from a 14-year peak touched earlier this week after the US Fed minutes suggested a less hawkish stance from policymaker. The precious metal is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced.
Moreover, traders keenly eyed the (US) non-farm payrolls data due this Friday. If there is lower-than-expected data, then it will be a good chance for gold to have a strong rebound.
At the MCX, gold futures for February 2017 contract is trading at Rs 27,871 per 10 grams, up by 0.68 per cent, after opening at Rs 27,800, against a previous close of Rs 27,682. It touched the intra-day high of Rs 27,900 (at 13:57 hours).
05/01/2017 14:02
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Moreover, traders keenly eyed the (US) non-farm payrolls data due this Friday. If there is lower-than-expected data, then it will be a good chance for gold to have a strong rebound.
At the MCX, gold futures for February 2017 contract is trading at Rs 27,871 per 10 grams, up by 0.68 per cent, after opening at Rs 27,800, against a previous close of Rs 27,682. It touched the intra-day high of Rs 27,900 (at 13:57 hours).
