Gold futures inch higher ahead of Bernanke speech

Posted By: Religare
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Gold futures inch higher ahead of Bernanke speech
Gold futures rose in the domestic market on Tuesday as investors and speculators eyed the speech of current US Federal Reserve Chairman Ben Bernanke later today which may offer further cues over when the Fed plans to start tapering stimulus.

Federal Reserve Bank of New York President William C. Dudley said that while the US economy had shown improvement, the current pace of growth isn't enough to ensure the labour market strength needed to be seen before the Fed decides to pare QE, bolstering the outlook for the precious metal, a hedge against the inflationary risk of monetary stimulus.

Gold futures for December 2013 contract, at MCX, were trading at Rs. 30,113 per 10 grams, up by 0.21 per cent after opening at Rs. 30,077, against the previous closing price of Rs 30,051. It touched an intra-day high of Rs 30,150. (At 10:40 AM).

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