Gold prices rose by 0.31 per cent on Thursday after Fed minutes showed tension on rate hike views. The latest Federal Open Market Committee meeting showed Kansas City Fed President Esther George had some support of her view another rate hike was appropriate from a couple non-voting members. The committee held steady the policy fed funds rate at 0.25 per cent to 0.50 per cent on a 9-1 vote with George dissenting from the decision preferring instead the committee raise the target range for the rate to 0.50 per cent to 0.75 per cent. Gold futures for June 2016 contract, at MCX, were trading at Rs. 28,735 per 10 grams, up by 0.31 per cent after opening at Rs. 28,690 against the previous closing price of Rs. 28,646. It touched the intra-day high of Rs. 28,810 till the trading.
Further, a weaker dollar raised the appeal of gold as an alternative asset. Weaker greenback makes the bullion cheaper for those holding other currencies, thus increasing demand.
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