Yellow metal loses sheen on US rate hike uncertainty
23/08/2016 12:07
Gold futures were trading lower during the noon trade in the domestic market on Tuesday as investors and speculators cut down their positions in the precious metal amid a weakening global trend.
Further, the fall in prices for gold was in-line with a weak trend overseas after the US Fed official signalled that an increase in US interest rates is still possible this year, hurting demand for the precious metal as a safe-haven investment.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,319 per 10 grams, down by 0.19 per cent, after opening at Rs 31,300, against a previous close of Rs 31,379. It touched the intra-day low of Rs 31,263 (at 11:58 hours).
23/08/2016 12:07
Further, the fall in prices for gold was in-line with a weak trend overseas after the US Fed official signalled that an increase in US interest rates is still possible this year, hurting demand for the precious metal as a safe-haven investment.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,319 per 10 grams, down by 0.19 per cent, after opening at Rs 31,300, against a previous close of Rs 31,379. It touched the intra-day low of Rs 31,263 (at 11:58 hours).
