Precious Metals
Gold futures ended lower in the domestic market on Thursday after upbeat U.S. data fueled growing expectations that the days of ultra-loose monetary policies that have supported the precious metal for years are coming to an end. The Federal Reserve released the minutes of its July policy meeting and the document revealed that interest rates could come sooner rather than later if the labor market continues to recover. However, weaker dollar raised the appeal of the bullion as an alternative asset. Weaker greenback makes the bullion cheaper for those holding other currencies, thus raising demand. Gold futures may continue the downward journey today amid fears that the Fed may raise borrowing costs sooner than earlier expected. Gold futures for October 2014 contract, at MCX, closed at Rs. 27,747 per 10 grams, down by 1.65 per cent, after opening at Rs. 28,161, against the previous closing price of Rs 28,212. It touched an intra-day low of Rs 27,704.
D A I L Y B U Z Z
GOLDGold futures ended lower in the domestic market on Thursday after upbeat U.S. data fueled growing expectations that the days of ultra-loose monetary policies that have supported the precious metal for years are coming to an end. The Federal Reserve released the minutes of its July policy meeting and the document revealed that interest rates could come sooner rather than later if the labor market continues to recover. However, weaker dollar raised the appeal of the bullion as an alternative asset. Weaker greenback makes the bullion cheaper for those holding other currencies, thus raising demand. Gold futures may continue the downward journey today amid fears that the Fed may raise borrowing costs sooner than earlier expected. Gold futures for October 2014 contract, at MCX, closed at Rs. 27,747 per 10 grams, down by 1.65 per cent, after opening at Rs. 28,161, against the previous closing price of Rs 28,212. It touched an intra-day low of Rs 27,704.
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