Precious Metals
Gold futures ended lower in the domestic market on Tuesday after data revealed both consumer prices and existing home sales are on the rise in the U.S., which should prompt the Federal Reserve to do away with loose monetary policies that have supported the commodity for years. Sentiment weakened further as the dollar strengthened in the midst of the outlook for higher U.S. borrowing costs, countering haven demand that was fueled by tension in Ukraine and Gaza. Stronger dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus raising demand. Gold futures may fall today as investors will be watching as the U.S. is to release data later this week. Gold futures for August 2014 contract, at MCX, closed at Rs. 27,895 per 10 grams, down by 0.68 per cent, after opening at Rs. 28,070, against the previous closing price of Rs 28,087. It touched an intra-day low of Rs 27,812.
D A I L Y B U Z Z
GOLDGold futures ended lower in the domestic market on Tuesday after data revealed both consumer prices and existing home sales are on the rise in the U.S., which should prompt the Federal Reserve to do away with loose monetary policies that have supported the commodity for years. Sentiment weakened further as the dollar strengthened in the midst of the outlook for higher U.S. borrowing costs, countering haven demand that was fueled by tension in Ukraine and Gaza. Stronger dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus raising demand. Gold futures may fall today as investors will be watching as the U.S. is to release data later this week. Gold futures for August 2014 contract, at MCX, closed at Rs. 27,895 per 10 grams, down by 0.68 per cent, after opening at Rs. 28,070, against the previous closing price of Rs 28,087. It touched an intra-day low of Rs 27,812.
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