Gold
prices ended flat in the domestic market on Friday as traders
digested strong indications from Janet Yellen that the Federal
Reserve will raise interest rates this year and markets throughout
the euro zone moved broadly higher amid optimism of a Greek deal.
Greece Prime Minister Alexis Tsipras sought support from members of
parliament for backing of a €53.5 billion austerity plan through
the European Stability Mechanism (ESM). Yellen said that the Fed is
on track to raise interest rates at some point this year. The
observation from Yellen are her most definitive to date on the timing
of a 2015 rate hike. However, losses were limited as the greenback
eased on Friday, bolstering the demand for the bullion as an
alternative asset. A softer dollar makes Gold less expensive for
those holding other currencies, thus lifting Gold demand. At the MCX,
Gold futures for August 2015 contract closed at Rs 26,058 per 10
gram, down by 0.02 per cent after cracking at Rs 26,088, against the
earlier closing price of Rs 26,064. It touched the intra-day low of
Rs 26,017 till the closing.
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