Gold futures lower ahead of Fed meet
17/06/2014 11:52
Gold futures fell in the domestic market on Tuesday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market amid caution ahead of the US Federal Reserve’s two-day meet beginning today where the central bank may pare its record monthly bond buying program by another USD 10 billion, dimming the appeal of the bullion, which is a hedge against the inflationary risk of monetary stimulus. However, unrest in Iraq and tensions surrounding Ukraine continued to boost the safe haven appeal of gold. Gold futures for August 2014 contract, at MCX, is trading at Rs. 26,735 per 10 grams, down by 0.36 per cent, after opening at Rs. 26,775, against the previous closing price of Rs 26,831. It touched an intra-day low of Rs 26,677. (At 11:27AM).
17/06/2014 11:52
Gold futures fell in the domestic market on Tuesday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market amid caution ahead of the US Federal Reserve’s two-day meet beginning today where the central bank may pare its record monthly bond buying program by another USD 10 billion, dimming the appeal of the bullion, which is a hedge against the inflationary risk of monetary stimulus. However, unrest in Iraq and tensions surrounding Ukraine continued to boost the safe haven appeal of gold. Gold futures for August 2014 contract, at MCX, is trading at Rs. 26,735 per 10 grams, down by 0.36 per cent, after opening at Rs. 26,775, against the previous closing price of Rs 26,831. It touched an intra-day low of Rs 26,677. (At 11:27AM).
