Stronger dollar weighs on Bullion
29/12/2014 11:15
Gold futures fell in the domestic market on Monday 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 bullion as an alternative asset.
Stronger greenback makes Gold more expensive for those holding other currencies, thus dimming demand.
Holdings in gold-backed exchange traded products fell to a six-year low on Friday, signaling weak investment demand for the bullion.
At the MCX, Gold futures for February 2015 contract is trading at Rs 27,024 per 10 gram, down by 0.18 per cent after opening at Rs 27,031, against the previous closing price of Rs 27,073. It touched the intra-day low of Rs 27,010 till the closing. (At 11:00 AM).
29/12/2014 11:15
Gold futures fell in the domestic market on Monday 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 bullion as an alternative asset.
Stronger greenback makes Gold more expensive for those holding other currencies, thus dimming demand.
Holdings in gold-backed exchange traded products fell to a six-year low on Friday, signaling weak investment demand for the bullion.
At the MCX, Gold futures for February 2015 contract is trading at Rs 27,024 per 10 gram, down by 0.18 per cent after opening at Rs 27,031, against the previous closing price of Rs 27,073. It touched the intra-day low of Rs 27,010 till the closing. (At 11:00 AM).
