Gold futures closed higher during in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal as the possibility of an early US interest rate hike appeared to dim following dovish comments by Federal Reserve chair Janet Yellen earlier this week. The Fed which meets next week is highly unlikely to announce a rate hike given last week’s insipid jobs data. Meanwhile, a gauge of US consumer optimism slid to 48.2 for June from 48.7 in May, further raising calls for a delay in monetary tightening.
Overnight, gold rose sharply on Wednesday as the pace of hiring by U.S. employers in April decelerated to a two-year low in April, pushing the dollar down to fresh monthly lows and potentially lower the probability of a summer interest rate hike from the Federal Reserve.
At the MCX, Gold futures for August 2016 contract closed at Rs 29,657, per 10 gram, up by 0.99 per cent after opening at Rs 29,400, against the previous closing price of Rs 29,725. It touched the intra-day high of Rs 29,568.
Overnight, gold rose sharply on Wednesday as the pace of hiring by U.S. employers in April decelerated to a two-year low in April, pushing the dollar down to fresh monthly lows and potentially lower the probability of a summer interest rate hike from the Federal Reserve.
At the MCX, Gold futures for August 2016 contract closed at Rs 29,657, per 10 gram, up by 0.99 per cent after opening at Rs 29,400, against the previous closing price of Rs 29,725. It touched the intra-day high of Rs 29,568.
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