Precious Metals
D A I L Y B U Z Z
GOLD
Gold futures ended lower in the domestic market on Wednesday as investors and speculators exited positions in the precious metal as tensions in Ukraine and the Middle East eased, dimming the safe haven appeal of the precious metal. Ukraine said that it may accept humanitarian aid from Russia on the condition that the Red Cross distributes it in Ukraine’s war-hit regions while Israel and Gaza strip militants agreed on extending a truce for five days. US retail sales stalled in July, raising bets that the US Federal Reserve may refrain from raising interest rates in the near-term, bolstering the appeal of the bullion as a store of value, trimming losses in Gold futures. Gold futures may rebound today on hopes that the US may keep interest rates low for some time. Gold futures for October 2014 contract, at MCX, closed at Rs. 28,688 per 10 grams, down by 0.14 per cent, after opening at Rs. 28,640, against the previous closing price of Rs 28,730. It touched an intra-day low of Rs 28,587.
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