Gold futures end flat after US data
30/06/2014 09:03
Gold futures closed little changed in the domestic market on Friday as investors and speculators stayed cautious over booking fresh positions in the precious metal as a bullish US consumer sentiment report signaled strength in the world’s biggest economy, raising bets that the US Federal Reserve will continue to trim its monthly bond buying program, dimming the appeal of gold, which is a hedge against the inflationary risk of monetary stimulus. US consumer sentiment rose in June as personal financial outlook improved, helped by a pickup in the country’s job market. Investors continued to eye events in Iraq as the unrest in the Middle East country boosted safe haven demand for the precious metal. Human Rights Watch said that Iraqi militants had executed 160 captives in the northern city of Tikrit earlier this month. Gold futures may trade on a cautious note as investors’ eye the US pending home sales data which may offer further cues over the health of the US economy. Gold futures for August 2014 contract, at MCX, closed at Rs. 27,672 per 10 grams, up by 0.02 per cent, after opening at Rs. 27,705 against the previous closing price of Rs 27,667. It touched an intra-day high of Rs 27,799.
30/06/2014 09:03
Gold futures closed little changed in the domestic market on Friday as investors and speculators stayed cautious over booking fresh positions in the precious metal as a bullish US consumer sentiment report signaled strength in the world’s biggest economy, raising bets that the US Federal Reserve will continue to trim its monthly bond buying program, dimming the appeal of gold, which is a hedge against the inflationary risk of monetary stimulus. US consumer sentiment rose in June as personal financial outlook improved, helped by a pickup in the country’s job market. Investors continued to eye events in Iraq as the unrest in the Middle East country boosted safe haven demand for the precious metal. Human Rights Watch said that Iraqi militants had executed 160 captives in the northern city of Tikrit earlier this month. Gold futures may trade on a cautious note as investors’ eye the US pending home sales data which may offer further cues over the health of the US economy. Gold futures for August 2014 contract, at MCX, closed at Rs. 27,672 per 10 grams, up by 0.02 per cent, after opening at Rs. 27,705 against the previous closing price of Rs 27,667. It touched an intra-day high of Rs 27,799.
