Prepared by: Dr. Mohammad Bayezid Ali
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Shah9il's Blog by Shahneel is licensed under a Creative Commons Attribution-NoDerivs 3.0 Unported License.
Shah9il's Blog by Shahneel is licensed under a Creative Commons Attribution-NoDerivs 3.0 Unported License.
Gold futures managed to hold gains on bargain buying amid Federal Reserve comments, however strong dollar capped the gains. Gold was supported after the Federal Reserve said on Wednesday that it would remain “patient” in its approach to raising interest rates. Reports of negative interest rate introduction by Swiss National Bank also supported the upside in the metal. The US dollar remained supported on strong job data amid Federal Reserve comments. The Dollar surged against the Euro with the euro quotes at $1.2266, down 0.16% over last day close and the US dollar index quotes at 89.64, up 0.21% over last day close. The upbeat German consumer confidence failed to support the euro. Analysts had expected the index to tick up to 8.9 this month. The COMEX Gold February delivery quotes at $1,197.80 a troy ounce, up $3 and the March Silver quotes at $15.955, up 2 cents over last close. Gold is expected to see further upside only if it sustains above $1200 level on Friday. Local gold spurted on firm global cues amid weak local currency. The MCX Gold February delivery quotes at Rs 26965, up 0.56%. The Silver March delivery quotes at Rs 36757, up 0.55% over last close. Indian rupee quotes at Rs 63.310, up 0.49%.
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