Precious Metals
Gold futures slumped in the domestic market on Friday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market as a surge in the US dollar which headed for the biggest weekly gain in over a year curbed the demand for the yellow metal as an alternative asset. Stronger dollar makes the bullion more expensive for those holding other currencies, thus dimming demand. Holdings in the SPDR Gold Trust fell by 3 metric tons to the lowest level since September 2008 at 732.83 tons on Thursday, signaling weak investment demand for the bullion. Gold futures for December 2014 contract, at MCX, is trading at Rs. 25,214 per 10 grams, down by 0.97 per cent, after opening at Rs. 25,425, against the previous closing price of Rs 25,461. It touched an intra-day low of Rs 25,201. (At 11:13 AM)
D A I L Y B U Z Z
GOLDGold futures slumped in the domestic market on Friday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market as a surge in the US dollar which headed for the biggest weekly gain in over a year curbed the demand for the yellow metal as an alternative asset. Stronger dollar makes the bullion more expensive for those holding other currencies, thus dimming demand. Holdings in the SPDR Gold Trust fell by 3 metric tons to the lowest level since September 2008 at 732.83 tons on Thursday, signaling weak investment demand for the bullion. Gold futures for December 2014 contract, at MCX, is trading at Rs. 25,214 per 10 grams, down by 0.97 per cent, after opening at Rs. 25,425, against the previous closing price of Rs 25,461. It touched an intra-day low of Rs 25,201. (At 11:13 AM)
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