US interest rate outlook drags down Bullion
12/12/2014 11:44
Gold futures fell in the domestic market on Friday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market as robust US economic data raised fears of sooner than excepted interest rate hike in the US, dimming the appeal of the bullion as a store of value.
US retail sales climbed 0.7 per cent in November over the previous month while jobless claims fell by 3,000 to 294,000 in the week ended December 6, 2014, signaling a pickup in the world’s biggest economy.
Caution persisted ahead of US consumer sentiment data due today which may show a rise in sentiment in November.
Gold futures for February 2015 contract, at MCX, is trading at Rs. 27,139 per 10 grams, down by 0.44 per cent, after opening at Rs. 27,265, against the previous closing price of Rs 27,258. It touched an intra-day low of Rs 27,054. (At 11:30 AM).
12/12/2014 11:44
Gold futures fell in the domestic market on Friday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market as robust US economic data raised fears of sooner than excepted interest rate hike in the US, dimming the appeal of the bullion as a store of value.
US retail sales climbed 0.7 per cent in November over the previous month while jobless claims fell by 3,000 to 294,000 in the week ended December 6, 2014, signaling a pickup in the world’s biggest economy.
Caution persisted ahead of US consumer sentiment data due today which may show a rise in sentiment in November.
Gold futures for February 2015 contract, at MCX, is trading at Rs. 27,139 per 10 grams, down by 0.44 per cent, after opening at Rs. 27,265, against the previous closing price of Rs 27,258. It touched an intra-day low of Rs 27,054. (At 11:30 AM).
