Stronger greenback drags down bullion
07/10/2014 11:24
Gold futures fell marginally in the domestic market on Tuesday as investors and speculators stayed cautious over booking fresh 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. Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,714 per 10 grams, down by 0.03 per cent, after opening at Rs. 26,657, against the previous closing price of Rs 26,721. It touched an intra-day low of Rs 26,641. (At 11:07 AM).
07/10/2014 11:24
Gold futures fell marginally in the domestic market on Tuesday as investors and speculators stayed cautious over booking fresh 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. Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,714 per 10 grams, down by 0.03 per cent, after opening at Rs. 26,657, against the previous closing price of Rs 26,721. It touched an intra-day low of Rs 26,641. (At 11:07 AM).
