Slight retreat for bullion as safe haven appeal dims
20/10/2014 11:06
Gold futures were trading with slim losses in the domestic market on Monday as investors and speculators were cautious over booking fresh positions in the precious metal tracking a weak trend in the overseas market as a rebound in global equities dimmed the safe haven appeal of the yellow metal while an improving US economic outlook boosted bets that the US Federal Reserve may exit its record monthly bond buying plan this month, dimming the appeal of gold, which is a hedge against the inflationary risk of monetary stimulus. US consumer sentiment and housing starts data signaled strength in the world’s biggest economy, boosting the case for the Federal Reserve to withdraw stimulus support. Gold futures for December 2014 contract, at MCX, is trading at Rs. 27,235 per 10 grams, down by 0.08 per cent, after opening at Rs. 27,219, against the previous closing price of Rs 27,256. It touched an intra-day low of Rs 27,204. (At 10:39 AM).
20/10/2014 11:06
Gold futures were trading with slim losses in the domestic market on Monday as investors and speculators were cautious over booking fresh positions in the precious metal tracking a weak trend in the overseas market as a rebound in global equities dimmed the safe haven appeal of the yellow metal while an improving US economic outlook boosted bets that the US Federal Reserve may exit its record monthly bond buying plan this month, dimming the appeal of gold, which is a hedge against the inflationary risk of monetary stimulus. US consumer sentiment and housing starts data signaled strength in the world’s biggest economy, boosting the case for the Federal Reserve to withdraw stimulus support. Gold futures for December 2014 contract, at MCX, is trading at Rs. 27,235 per 10 grams, down by 0.08 per cent, after opening at Rs. 27,219, against the previous closing price of Rs 27,256. It touched an intra-day low of Rs 27,204. (At 10:39 AM).
