Precious Metals
Gold futures fell in the domestic market on Thursday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market as holdings in exchange traded products backed by gold fell to the lowest level in over six years, signaling weakening investment demand for the yellow metal.
Holdings in the SPDR Gold Trust, the biggest gold-backed exchange traded product (ETP) fell to the lowest level since September 2008 to 718.82 metric tons on Wednesday.
Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,219 per 10 grams, down by 0.54 per cent, after opening at Rs. 26,308, against the previous closing price of Rs 26,362. It touched an intra-day low of Rs 26,131. (At 11:57 AM).
D A I L Y B U Z Z
GOLDGold futures fell in the domestic market on Thursday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market as holdings in exchange traded products backed by gold fell to the lowest level in over six years, signaling weakening investment demand for the yellow metal.
Holdings in the SPDR Gold Trust, the biggest gold-backed exchange traded product (ETP) fell to the lowest level since September 2008 to 718.82 metric tons on Wednesday.
Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,219 per 10 grams, down by 0.54 per cent, after opening at Rs. 26,308, against the previous closing price of Rs 26,362. It touched an intra-day low of Rs 26,131. (At 11:57 AM).
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