Gold futures end lower on weak global cues
03/06/2014 09:15
Gold futures closed lower in the domestic market on Monday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market. Gold futures fell in the overseas market as a rally in equities dimmed the demand for the bullion as an alternative asset. Easing fears over Ukraine after the withdrawal of Russian troops from the country’s eastern border dimmed the safe haven appeal of the yellow metal. Further, robust US manufacturing data signaled strength in the world’s biggest economy, raising bets of continued QE rollback by the Federal Reserve, dimming the appeal of the bullion, a hedge against the inflationary risk of monetary stimulus. Gold futures may trade subdued today ahead of key economic events this week including US jobs data and ECB policy decision. Gold futures for June 2014 contract, at MCX, closed at Rs. 26,701 per 10 grams, down by 0.60 per cent, after opening at Rs. 26,830 against the previous closing price of Rs 26,863. It touched an intra-day low of Rs 26,655.
03/06/2014 09:15
Gold futures closed lower in the domestic market on Monday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market. Gold futures fell in the overseas market as a rally in equities dimmed the demand for the bullion as an alternative asset. Easing fears over Ukraine after the withdrawal of Russian troops from the country’s eastern border dimmed the safe haven appeal of the yellow metal. Further, robust US manufacturing data signaled strength in the world’s biggest economy, raising bets of continued QE rollback by the Federal Reserve, dimming the appeal of the bullion, a hedge against the inflationary risk of monetary stimulus. Gold futures may trade subdued today ahead of key economic events this week including US jobs data and ECB policy decision. Gold futures for June 2014 contract, at MCX, closed at Rs. 26,701 per 10 grams, down by 0.60 per cent, after opening at Rs. 26,830 against the previous closing price of Rs 26,863. It touched an intra-day low of Rs 26,655.
