Precious Metals
Gold futures fell in the domestic market on Monday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market amid speculation that a faster than anticipated recovery in the US labour market may prompt the US Federal Reserve to raise interest rates sooner than currently expected, dimming the appeal of the bullion as a store of value. US Fed Chairman Janet Yellen said that the Fed could hike borrowing costs sooner than earlier expected if labour market progress continued at a rapid than anticipated rate. A stronger dollar also dimmed the appeal of the bullion as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand. Gold futures for October 2014 contract, at MCX, is trading at Rs. 27,770 per 10 grams, down by 0.15 per cent, after opening at Rs. 27,774, against the previous closing price of Rs 27,813. It touched an intra-day low of Rs 27,773.
D A I L Y B U Z Z
GOLDGold futures fell in the domestic market on Monday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market amid speculation that a faster than anticipated recovery in the US labour market may prompt the US Federal Reserve to raise interest rates sooner than currently expected, dimming the appeal of the bullion as a store of value. US Fed Chairman Janet Yellen said that the Fed could hike borrowing costs sooner than earlier expected if labour market progress continued at a rapid than anticipated rate. A stronger dollar also dimmed the appeal of the bullion as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand. Gold futures for October 2014 contract, at MCX, is trading at Rs. 27,770 per 10 grams, down by 0.15 per cent, after opening at Rs. 27,774, against the previous closing price of Rs 27,813. It touched an intra-day low of Rs 27,773.
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