Precious Metals
Gold futures slipped in the domestic market on Tuesday as investors and speculators exited positions in the precious metal tracking a bearish trend in the overseas market after the fastest expansion in US manufacturing in more than three years signaled a pickup in the world’s biggest economy, raising bets that the US Federal Reserve may start hiking borrowing costs sooner than earlier expected, dimming the appeal of the yellow metal as a store of value.
The gauge measuring US manufacturing expanded at the sharpest clip since March 2011 last month.
A stronger dollar dimmed the appeal of the precious metal as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand.
Gold futures may continue the downward journey today as investors stay cautious ahead of US factory orders data which may show further strength in the US economy, dimming gold’s safe haven appeal.
Gold futures for October 2014 contract, at MCX, closed at Rs. 27,554 per 10 grams, down by 1.36 per cent, after opening at Rs. 27,883, against the previous closing price of Rs 27,934. It touched an intra-day low of Rs 27,534.
D A I L Y B U Z Z
GOLDGold futures slipped in the domestic market on Tuesday as investors and speculators exited positions in the precious metal tracking a bearish trend in the overseas market after the fastest expansion in US manufacturing in more than three years signaled a pickup in the world’s biggest economy, raising bets that the US Federal Reserve may start hiking borrowing costs sooner than earlier expected, dimming the appeal of the yellow metal as a store of value.
The gauge measuring US manufacturing expanded at the sharpest clip since March 2011 last month.
A stronger dollar dimmed the appeal of the precious metal as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand.
Gold futures may continue the downward journey today as investors stay cautious ahead of US factory orders data which may show further strength in the US economy, dimming gold’s safe haven appeal.
Gold futures for October 2014 contract, at MCX, closed at Rs. 27,554 per 10 grams, down by 1.36 per cent, after opening at Rs. 27,883, against the previous closing price of Rs 27,934. It touched an intra-day low of Rs 27,534.
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