Gold futures dip ahead of key data
30/06/2014 10:26
Gold futures fell in the domestic market on Monday as investors and speculators stayed cautious over booking fresh positions in the precious metal ahead of a string of key economic events line up this week including the US non-farm payrolls data and the meeting of the European Central Bank (ECB). A pickup in US payrolls may signal an improving health of the labour market of the world’s biggest economy, raising bets of continued QE tapering by the US Federal Reserve, dimming the appeal of the precious metal, a hedge against the inflationary risk of monetary stimulus. However, concerns over Iraq continued to support the safe haven demand for the bullion. Gold futures for August 2014 contract, at MCX, is trading at Rs. 27,645 per 10 grams, down by 0.10 per cent, after opening at Rs. 27,632, against the previous closing price of Rs 27,672. It touched an intra-day low of Rs 27,617. (At 10:13 AM).
30/06/2014 10:26
Gold futures fell in the domestic market on Monday as investors and speculators stayed cautious over booking fresh positions in the precious metal ahead of a string of key economic events line up this week including the US non-farm payrolls data and the meeting of the European Central Bank (ECB). A pickup in US payrolls may signal an improving health of the labour market of the world’s biggest economy, raising bets of continued QE tapering by the US Federal Reserve, dimming the appeal of the precious metal, a hedge against the inflationary risk of monetary stimulus. However, concerns over Iraq continued to support the safe haven demand for the bullion. Gold futures for August 2014 contract, at MCX, is trading at Rs. 27,645 per 10 grams, down by 0.10 per cent, after opening at Rs. 27,632, against the previous closing price of Rs 27,672. It touched an intra-day low of Rs 27,617. (At 10:13 AM).
