Bullion loses sheen on upbeat US outlook
02/12/2014 10:40
Gold futures fell in the domestic market on Tuesday as investors and speculators exited positions in the precious metal as upbeat US factory data signaled underlying strength in the world’s biggest economy despite a global slowdown, raising bets that the US Federal Reserve may move ahead with monetary tightening next year, dimming the appeal of gold as a store of value. The US ISM Manufacturing PMI expanded at the second highest level since April 2011 at 58.7 in November, with a reading above 50 signaling expansion. Top US Federal Reserve officials stressed that plunging oil prices will lift growth in the US economy by boosting spending. Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,301 per 10 grams, down by 0.78 per cent, after opening at Rs. 26,314, against the previous closing price of Rs 226,509. It touched an intra-day low of Rs 26,301. (At 10:23 AM).
02/12/2014 10:40
Gold futures fell in the domestic market on Tuesday as investors and speculators exited positions in the precious metal as upbeat US factory data signaled underlying strength in the world’s biggest economy despite a global slowdown, raising bets that the US Federal Reserve may move ahead with monetary tightening next year, dimming the appeal of gold as a store of value. The US ISM Manufacturing PMI expanded at the second highest level since April 2011 at 58.7 in November, with a reading above 50 signaling expansion. Top US Federal Reserve officials stressed that plunging oil prices will lift growth in the US economy by boosting spending. Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,301 per 10 grams, down by 0.78 per cent, after opening at Rs. 26,314, against the previous closing price of Rs 226,509. It touched an intra-day low of Rs 26,301. (At 10:23 AM).
