Gold Updtes - “ Bullish finish for Bullion “ .

Gold futures advanced in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal tracking a bullish trend in the overseas market as a weaker dollar bolstered the lure for gold as an alternative asset. Weaker greenback makes gold cheaper for those holding other currencies, thus boosting demand.

Investors continued to weigh the outlook for US interest rates. Better than expected US private sector jobs data signaled a firm labour market recovery in the world’s biggest economy but the Fed’s Beige Book survey painted a relatively more soft picture of growth, raising uncertainty over whether the Fed will hike borrowing costs in the coming months after a maiden lift-off in almost a decade in December.
 

The Fed noted that half of the districts reported modest or moderate growth in January to late February, compared to nine in the previous report. Gold may fall today as safe haven appeal ebbs amidst rising equities.
 

At the MCX, Gold futures for April 2016 contract closed at Rs 29,339 per 10 gram, up by 0.39 per cent after opening at Rs 29,199, against the previous closing price of Rs 29,226. It touched the intra-day high of Rs 29,391.

 

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