Gold Futures Rally As Fed Cuts Outlook For Rate Hikes
Posted By: Religare
Subscribe to GoodReturns
The yellow metal rallied over 1.5 per cent on Thursday after the Federal Open Market Committee left interest rates unchanged, citing rising global economic and financial risks to growth in the world's biggest economy, bolstering the lure for the bullion as a store of value. Check gold rates here
The Fed which kept unchanged its target range for the benchmark federal funds rate between 0.25 to 0.5 per cent, pared back the number of rate hikes it anticipates in 2016 from two to four earlier, as it weighs the potential impact of slowing global growth and financial volatility on US growth.
At the MCX, Gold futures for April 2016 contract were trading at Rs 29,420.00 per 10 gram, up by 1.57 per cent after opening at Rs 29,185.00, against the previous closing price of Rs 28,966.00. It touched the intra-day high of Rs 29,469.00.
For investment related articles, business news and mutual fund advise, subscribe to GoodReturns.