Gold futures rose in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal as deepening tensions in Ukraine boosted the bullion’s safe haven demand as pro-Russian separatists continued to lock horns with the Ukrainian government. However, rising bets that the US Federal Reserve will continue to taper its monthly bond buying program in the coming months and exit QE by the end of the year, dimmed the appeal of the bullion, which is a hedge against the inflationary risk of monetary stimulus, trimming gains in gold futures.
Gold futures for June 2014 contract, at MCX, is trading at Rs. 28,172 per 10 grams, up by 0.30 per cent, after opening at Rs. 28,050, against the previous closing price of Rs 28,089. It touched an intra-day high of Rs 28,178.
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