Gold Extends Gains on US Rate Outlook

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Gold futures rose in the domestic market on Thursday as investors and speculators booked fresh positions in the precious metal tracking a firm trend in the overseas market as Chinese buyers returned to the market after a week-long holiday due to the Lunar New Year.

Speculation that the US Federal Reserve may not raise interest rates in the near-term as inflation remains below target bolstered the appeal of the bullion as a store of value.

Gold Extends Gains on US Rate Outlook

Fed Chair Janet Yellen saw continued easy money policy stance at least for the next couple of meetings, in her Congressional testimony.

At the MCX, Gold futures for April 2015 contract is trading at Rs 26,288 per 10 gram, up by 0.63 per cent after opening at Rs 26,245.

Read more about: gold, futures, mcx, fed
Story first published: Thursday, February 26, 2015, 13:00 [IST]
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