Gold drops with focus on Fed meeting
28/01/2015 12:02
Gold prices fell by 0.04 per cent on Wednesday at the domestic markets with investors looking ahead to comments from the Federal Reserve on the prospects for a rate hike this year. Further, stronger dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand. Gold futures for February 2015 contract, at MCX, were trading at Rs. 27,890 per 10 grams, down by 0.04 per cent after opening at Rs. 27,865 against the previous closing price of Rs. 27,902. It touched the intra-day low of Rs. 27,852 till the trading. (At 11.54 AM today).
However, losses were curbed after data showed that U.S. durable goods orders fell unexpectedly in December, fuelling concerns over the strength of the economy. In a report, the U.S. Commerce Department said that total durable goods orders, which include transportation items, fell by 3.4 per cent last month, compared to expectations for a gain of 0.5 per cent.
28/01/2015 12:02
Gold prices fell by 0.04 per cent on Wednesday at the domestic markets with investors looking ahead to comments from the Federal Reserve on the prospects for a rate hike this year. Further, stronger dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand. Gold futures for February 2015 contract, at MCX, were trading at Rs. 27,890 per 10 grams, down by 0.04 per cent after opening at Rs. 27,865 against the previous closing price of Rs. 27,902. It touched the intra-day low of Rs. 27,852 till the trading. (At 11.54 AM today).
However, losses were curbed after data showed that U.S. durable goods orders fell unexpectedly in December, fuelling concerns over the strength of the economy. In a report, the U.S. Commerce Department said that total durable goods orders, which include transportation items, fell by 3.4 per cent last month, compared to expectations for a gain of 0.5 per cent.
