For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts
Read more about: gold

Gold Rebounds on Fed Comments

|

Gold rose on Thursday after the U.S. Federal Reserve said that it would be "patient" in deciding on when to raise interests rates in the US.

 

International spot gold was seen at $1,199 an ounce. Bullion was supported after the Federal Reserve chairman Janet Yellen said the Fed was unlikely to hike rates for "at least a couple of meetings".

Gold Rebounds on Fed Comments

If hike in the interest rate, will drag the gold lower, strengthening dollar. Strong greenback makes gold expensive for those holding other currencies, thus diminishing demand for yellow metal.

Domestic gold also rose tracking firm overseas trend. Gold futures for February 2015 contract, at MCX, is trading at Rs. 26,993 per 10 grams, up by 0.14 per cent at 2.35 pm IST. It touched an intra-day high of Rs 27,070 during the trade. Check the gold rates here.

GoodReturns.in

Story first published: Thursday, December 18, 2014, 14:55 [IST]
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X