Gold futures rise in early Asia as India, China demand eyed

Gold futures rise in early Asia as India, China demand eyed

In China, the premium on the Shanghai Gold Exchange remained $ 5 per ounce over the international price of gold. Image Source:

Gold futures contracts traded higher in early Asia on Wednesday with investors focused on the prospects for demand growth in China and India, the two largest importers in the world.

On the Comex, the gold futures for April delivery traded at $ 1,203.50 an ounce, which is 0.01%.

In China, the premium on the Shanghai Gold Exchange remained $ 5 per ounce over the international price of gold. China’s premium shall be considered as a key incentive to import wholesale.

Earlier this week, China lowered the benchmark interest rate for the second time under four months.

The SPDR Gold Trust, the biggest exchange-traded fund-supported gold in the world, has fallen to 769.49 tonnes on Tuesday from its prior the end of 771.25 tonnes.

The US dollar index was precisely at 95.45 early on Wednesday after five weeks maximum value of 95.58 on Tuesday.

Rupee put their early gains to weaken against the US dollar as a state-owned bank bought the US currency, which on behalf of the Reserve Bank of India (RBI), as the central bank sought to prevent the rupee from rising sharply.

The rupee was opened higher on dollar at 61.6612 as RBI unexpectedly lowered the benchmark interest rate on Wednesday by 25 basis points to 7.5%, citing mitigate inflationary pressures and the quality of fiscal consolidation.

Gold futures traded higher on MCX, as speculators created fresh positions following a better trend in the worldwide market in the middle of the signs that demand is growing in China, the outlook for increased consumption.

At the Multi Commodity Exchange ( MCX), gold for delivery in April was trading higher by Rs 57, or 0.19 per cent, to Rs 26,478 per 10 grams.

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