Gold futures lower ahead of US data
24/06/2014 11:22
Gold futures were trading lower in the domestic market on Tuesday as investors and speculators exited positions in the precious metal tracking a bearish trend in the overseas market amid bets that a faster pace of recovery in the world’s biggest economy may prompt the US Federal Reserve to start raising interest rates sooner than earlier anticipated, dimming the appeal of the bullion as a store of value. Reports to be released today may show a rise in US consumer confidence and a pickup in new home sales, signaling a strong US recovery Gold futures for June 2014 contract, at MCX, is trading at Rs. 27,615 per 10 grams, down by 0.23 per cent, after opening at Rs. 27,641, against the previous closing price of Rs 27,678. It touched an intra-day low of Rs 27,585. (At 11:05 AM).
24/06/2014 11:22
Gold futures were trading lower in the domestic market on Tuesday as investors and speculators exited positions in the precious metal tracking a bearish trend in the overseas market amid bets that a faster pace of recovery in the world’s biggest economy may prompt the US Federal Reserve to start raising interest rates sooner than earlier anticipated, dimming the appeal of the bullion as a store of value. Reports to be released today may show a rise in US consumer confidence and a pickup in new home sales, signaling a strong US recovery Gold futures for June 2014 contract, at MCX, is trading at Rs. 27,615 per 10 grams, down by 0.23 per cent, after opening at Rs. 27,641, against the previous closing price of Rs 27,678. It touched an intra-day low of Rs 27,585. (At 11:05 AM).
