Gold futures higher amid Fed stimulus hopes

Posted By: Religare
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Gold futures higher amid Fed stimulus hopes
Gold futures rose in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal as last month's US jobs data came in weaker than expected, raising hopes that the US Federal Reserve will maintain an accommodative monetary policy stance, supporting the outlook for the bullion, which is a hedge against the inflationary risk of monetary stimulus.

However, subdued physical demand for the precious metal in the domestic spot market curbed gains in gold futures. Gold futures for June 2014 contract, at MCX, is trading at Rs. 28,306 per 10 grams, up by 0.16 per cent, after opening at Rs. 28,230, against the previous closing price of Rs 28,260. It touched an intra-day high of Rs 28,321. (At 11:23 AM).

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