Yellow metal lower on weak investment demand
23/09/2014 11:46
Gold futures fell in the domestic market on Tuesday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market as a stronger dollar curbed the demand for the yellow metal as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand. Holdings in the SPDR Gold Trust, the biggest bullion-backed exchange traded product (ETP) declined to the lowest level since December 2008, falling to 774.65 metric tons, signaling weaker investment demand for gold. Gold futures for October 2014 contract, at MCX, is trading at Rs. 26,549 per 10 grams, down by 0.15 per cent, after opening at Rs. 26,580, against the previous closing price of Rs 26,588. It touched an intra-day low of Rs 26,533. (At 11:29 AM).
23/09/2014 11:46
Gold futures fell in the domestic market on Tuesday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market as a stronger dollar curbed the demand for the yellow metal as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand. Holdings in the SPDR Gold Trust, the biggest bullion-backed exchange traded product (ETP) declined to the lowest level since December 2008, falling to 774.65 metric tons, signaling weaker investment demand for gold. Gold futures for October 2014 contract, at MCX, is trading at Rs. 26,549 per 10 grams, down by 0.15 per cent, after opening at Rs. 26,580, against the previous closing price of Rs 26,588. It touched an intra-day low of Rs 26,533. (At 11:29 AM).
