Fed Chairman Janet Yellen on Thursday agreed that recent data pointed to softness in the economy, mainly attributed to a spate of bad weather, boosting safe haven demand for the bullion. However, Yellen said that the central bank is likely to continue cutting its bond buying program but a considerable change in the economic outlook may alter QE taper strategy.
Holdings in the SPDR Gold Trust, the biggest bullion-backed ETP was unchanged on Thursday.
Gold futures for April 2014 contract, at MCX, is trading at Rs. 30,054 per 10 grams, down by 0.12 per cent, after opening at Rs. 30,026, against the previous closing price of Rs 30,089. It touched an intra-day low of Rs 30,026 (At 10:49 AM).
Dion Global Solutions Ltd.