Gold Rose As market looks to Friday key Events

Gold prices rose by 0.57 per cent on Thursday with the market looking ahead to comments from Fed Chair Janet Yellen and US GDP data at the end of the week. Investors are looking to an appearance by Fed chair Janet Yellen at week’s end at Harvard University for further indications on the timing of the Federal Open Market Committee’s (FOMC) first interest rate hike in 2016.

At the MCX, Gold futures for June 2016 contract is trading at Rs 29,121 per 10 gram, up by 0.57 per cent after opening at Rs 29,100, against the previous closing price of Rs 28,955. It touched the intra-day high of Rs 29,138 till the trading.

However, a stronger dollar reduced the appeal of gold as an alternative asset. Stronger greenback makes the bullion expensive for those holding other currencies, thus reducing demand.

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