Precious Metals
Gold futures tumbled in the domestic market on Friday as investors and speculators exited positions in the precious metal as a slump in energy prices dimmed gold’s appeal as an inflation hedge while holdings in gold backed exchange traded products (ETP) stretched the longest decline since last May, signaling plunging investment demand. Holdings in the SPDR, the largest exchange-traded product backed by the bullion, shrank for an eighth straight day to a six-year low of 720.62 metric tons on Thursday. Gold futures for December 2014 contract, at MCX, is trading at Rs. 25,700 per 10 grams, down by 0.47 per cent, after opening at Rs. 25,826, against the previous closing price of Rs 25,822. It touched an intra-day low of Rs 25,667. (At 11:24 AM).
D A I L Y B U Z Z
GOLDGold futures tumbled in the domestic market on Friday as investors and speculators exited positions in the precious metal as a slump in energy prices dimmed gold’s appeal as an inflation hedge while holdings in gold backed exchange traded products (ETP) stretched the longest decline since last May, signaling plunging investment demand. Holdings in the SPDR, the largest exchange-traded product backed by the bullion, shrank for an eighth straight day to a six-year low of 720.62 metric tons on Thursday. Gold futures for December 2014 contract, at MCX, is trading at Rs. 25,700 per 10 grams, down by 0.47 per cent, after opening at Rs. 25,826, against the previous closing price of Rs 25,822. It touched an intra-day low of Rs 25,667. (At 11:24 AM).
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