GOLD
- Gold futures ended higher in the domestic market on Thursday as investors and speculators booked fresh positions in the precious metal after US Fed Chairman Janet Yellen signaled that the central bank may alter its plan for paring record stimulus if there is further deterioration in the world’s biggest economy, bolstering the appeal of the bullion, a hedge against the inflationary risk of monetary stimulus.
- While Yellen stressed that the Fed may continue to reduce its bond buying program, she added that asset purchases were not on a preset course and policymakers could alter the stimulus- cut strategy if there is a major change in economic outlook. US jobless claims rose last week while durable goods orders fell in January, raising bets that the Fed may slow stimulus taper.
- Deepening tensions in Ukraine where gunmen occupied Ukraine’s Crimea regional parliament and Russia put fighter planes on alert bolstered the safe haven demand for the precious metal.
- Gold futures may trade higher today as signs of a fading US economic recovery and deepening geopolitical risks bolster safe haven demand.
- Gold futures for April 2014 contract, at MCX, closed at Rs. 30,089 per 10 grams, up by 0.16 per cent after opening at Rs. 30,090, against the previous closing price of Rs 30,042. It touched an intra-day high of Rs 30,185.
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