Gold prices gained 0.27 per cent on Monday as consumer prices eased in China last month and investors eyed easier monetary policy. Consumer prices for March in China fell 0.4 per cent, more than the expected 0.3 per cent decline month-on-month and up 2.3 per cent year-on-year, less than the 2.5 per cent gain seen, according to official data released on Monday. At the MCX, Gold futures for June 2016 contract is trading at Rs 29,210 per 10 gram, up by 0.27 per cent after opening at Rs 29,181, against the previous closing price of Rs 29,131. It touched the intra-day low of Rs 29,300.
However, a stronger dollar reduced the appeal of gold as an alternative asset. Stronger greenback makes the bullion expensive for those holding other currencies, thus reducing demand.
However, a stronger dollar reduced the appeal of gold as an alternative asset. Stronger greenback makes the bullion expensive for those holding other currencies, thus reducing demand.
In the week ahead, market players will be turning their attention to key economic data out of China, with Friday’s first quarter GDP report in the spotlight.
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