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Dollar pullback boosts Bullion

By Religare
|

Gold futures were trading on a bullish note in late morning trade in the domestic market on Monday as traders cheered the drop of the US dollar against a basket of key currencies, bolstering the demand for the yellow metal as an alternative asset.

Weaker greenback makes Gold cheaper for those holding other currencies, this bolstering Gold demand.

Further, a steep sell-off across markets in Asia following a bearish finish at Wall Street on Friday also boosted the lure for Gold as an alternative asset.

 

Going forward, sentiment in the Bullion will be dictated by the outcome of the FOMC meet this week and the release of US Q2 GDP numbers on Thursday.

At the MCX, Gold futures for August 2015 contract is trading at Rs 24,844 per 10 gram, up by 0.62 per cent after opening at Rs 24,830, against the previous closing price of Rs 24,731. It touched the intra-day high of Rs 24,897. (At 11:35 AM).

Story first published: Monday, July 27, 2015, 12:40 [IST]
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