Precious Metals
Gold futures were trading lower 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 robust US labour market gains raised bets that the US Federal Reserve may tighten interest rates sooner than earlier expected, dimming the appeal of gold as a store of value. Private employment in the US topped the 200K mark for the seventh time in eight months, coming ahead of Friday’s payrolls data. Stronger dollar curbed the demand for the bullion as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand. Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,387 per 10 grams, down by 0.34 per cent, after opening at Rs. 26,472, against the previous closing price of Rs 26,477. It touched an intra-day low of Rs 26,350. (At 11:05 AM).
D A I L Y B U Z Z
GOLDGold futures were trading lower 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 robust US labour market gains raised bets that the US Federal Reserve may tighten interest rates sooner than earlier expected, dimming the appeal of gold as a store of value. Private employment in the US topped the 200K mark for the seventh time in eight months, coming ahead of Friday’s payrolls data. Stronger dollar curbed the demand for the bullion as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand. Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,387 per 10 grams, down by 0.34 per cent, after opening at Rs. 26,472, against the previous closing price of Rs 26,477. It touched an intra-day low of Rs 26,350. (At 11:05 AM).
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