Gold are on upside
Gold climbed to its highest in more than a week on Thursday, boosted by prospects of more central bank buying after a recent steep sell-off in the precious metal, while a firmer euro also underpinned prices.
Central bank purchases and surging physical demand helped gold bounce from a two-year trough around $1,321 an ounce hit ast week, dealers said. But daily outflows from exchange-traded funds, reflecting sagging investor confidence, capped gains. Russia and Turkey raised their gold reserves in March, the International Monetary Fund said on Wednesday, increasing their holdings ahead of the spectacular plunge in prices this month that shocked ardent gold investors and bulls.
Today at 2:55 p.m., the actively traded gold for June delivery was 302 rupees higher at 26,690 rupees per 10 grams, after hitting a high of 26,700 rupees earlier in the day.
-Overseas gold climbed to its highest in more than a week on Thursday, boosted by prospects of more RBI buying after a recent steep sell-off in the precious metal.
-The rupee, which climbed on Thursday, plays an important role in determining the landed cost of the dollar-quoted yellow metal.