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Gold nudges higher on Fed minutes

By Religare
|

The yellow metal logged modest gains in the domestic market on Thursday as investors weighed the minutes of the US Federal Reserve's April meet in which the world's top central bank signaled that it wasn't likely to raise interest rates next month, bolstering the appeal of Gold as a store of value.

Many members "thought it unlikely that the data available in June would provide sufficient confirmation that the conditions for raising the target range for the federal funds rate had been satisfied", the minutes showed.

 

While the Fed indicated that it is no hurry to initiate a maiden rate lift-off since 2006, it predicted a rebound in the US economy from a poor first quarter when "transitory factors" weighed on growth.

At the MCX, Gold futures for June 2015 contract is trading at Rs 27,311 per 10 gram, up by 0.10 per cent after opening at Rs 27,278, against the previous closing price of Rs 27,284. It touched the intra-day high of Rs 27,318. (At 11:24 AM).

Story first published: Thursday, May 21, 2015, 12:40 [IST]
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