Gold futures tad lower ahead of FOMC minutes
20/08/2014 11:16
Gold futures were trading marginally lower in the domestic market on Wednesday as investors and speculators stayed cautious over booking fresh positions in the precious metal ahead of FOMC minutes today where the Fed may signal when it plans to start raising interest rates.
Upbeat US housing data raised fears that the Fed may start tightening monetary policy sooner than earlier anticipated, dimming the appeal of the precious metal as a store of value. US housing starts climbed 15.7 per cent to a 1.09 million annualized rate in July 2014, the highest level since November.
Gold futures for October 2014 contract, at MCX, is trading at Rs. 28,243 per 10 grams, down by 0.03 per cent, after opening at Rs. 28,258, against the previous closing price of Rs 28,252. It touched an intra-day low of Rs 28,226. (At 11:02 AM).
20/08/2014 11:16
Gold futures were trading marginally lower in the domestic market on Wednesday as investors and speculators stayed cautious over booking fresh positions in the precious metal ahead of FOMC minutes today where the Fed may signal when it plans to start raising interest rates.
Upbeat US housing data raised fears that the Fed may start tightening monetary policy sooner than earlier anticipated, dimming the appeal of the precious metal as a store of value. US housing starts climbed 15.7 per cent to a 1.09 million annualized rate in July 2014, the highest level since November.
Gold futures for October 2014 contract, at MCX, is trading at Rs. 28,243 per 10 grams, down by 0.03 per cent, after opening at Rs. 28,258, against the previous closing price of Rs 28,252. It touched an intra-day low of Rs 28,226. (At 11:02 AM).
