Bullions Tips - Gold futures ended lower in the domestic market on Friday as investors and speculators exited positions in the precious metal as a rebound in global equities amidst renewed risk appetite curbed the interest in safe haven assets.
Global central banks have hinted that they may support the world economy with the European Central Bank (ECB) signaling a likely boost to its stimulus program as early as March while Bank of Japan may charter a similar course and expand monetary easing in the near-term. Stronger dollar also curbed the appeal of gold as an alternative asset. Stronger greenback makes the bullion more expensive for those holding other currencies, thus dimming demand.
Gold may rebound today amid speculation that the US Federal Reserve which meets this week may refrain from hiking interest rates after a maiden lift-off since 2006 in December, bolstering the lure for the yellow metal as a store of value.
At the MCX, Gold futures for February 2016 contract closed at Rs 26,160 per 10 gram, down by 0.11 per cent after opening at Rs 26,281, against the previous closing price of Rs 26,190. It touched the intra-day low of Rs 26,100.
0 comments:
Post a Comment