Precious Metals
Gold futures closed lower in the domestic market on Wednesday as investors and speculators exited positions in the precious metal as a drop in bullion-backed holdings signaled weakening investment demand for the yellow metal. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell to 795.60 tons on Wednesday from its previous close of 797.09 tons on Tuesday. However, a weaker dollar boosted the appeal of gold as an alternative asset, curbing losses in the precious metal. Weaker greenback makes the bullion cheaper for those holding other currencies, thus bolstering demand. However, caution ahead of US GDP data, jobless claims and pending home sales data which may influence the country’s monetary policy outlook weighed on sentiment. Gold futures may trade lower today amid caution ahead of key US data. Gold futures for October 2014 contract, at MCX, closed at Rs. 27,780 per 10 grams, down by 0.41 per cent, after opening at Rs. 27,863, against the previous closing price of Rs 27,895. It touched an intra-day low of Rs 27,765.
D A I L Y B U Z Z
GOLDGold futures closed lower in the domestic market on Wednesday as investors and speculators exited positions in the precious metal as a drop in bullion-backed holdings signaled weakening investment demand for the yellow metal. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell to 795.60 tons on Wednesday from its previous close of 797.09 tons on Tuesday. However, a weaker dollar boosted the appeal of gold as an alternative asset, curbing losses in the precious metal. Weaker greenback makes the bullion cheaper for those holding other currencies, thus bolstering demand. However, caution ahead of US GDP data, jobless claims and pending home sales data which may influence the country’s monetary policy outlook weighed on sentiment. Gold futures may trade lower today amid caution ahead of key US data. Gold futures for October 2014 contract, at MCX, closed at Rs. 27,780 per 10 grams, down by 0.41 per cent, after opening at Rs. 27,863, against the previous closing price of Rs 27,895. It touched an intra-day low of Rs 27,765.
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