Gold closes lower on weak global cues
04/02/2015 09:10
Gold futures ended lower in the domestic and overseas market on Tuesday with investors looking ahead to Chinese New Year demand. However, a strong 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 may rise today as investor’s eye US data which may signal further weakness in the US economy, boosting safe haven demand for the bullion. At the MCX, Gold futures for February 2015 contract closed at Rs 27,498 per 10 gram, down by 1.23 per cent after opening at Rs 27,721, against the previous closing price of Rs 27,840. It touched the intra-day low of Rs 27,450 till the closing.
04/02/2015 09:10
Gold futures ended lower in the domestic and overseas market on Tuesday with investors looking ahead to Chinese New Year demand. However, a strong 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 may rise today as investor’s eye US data which may signal further weakness in the US economy, boosting safe haven demand for the bullion. At the MCX, Gold futures for February 2015 contract closed at Rs 27,498 per 10 gram, down by 1.23 per cent after opening at Rs 27,721, against the previous closing price of Rs 27,840. It touched the intra-day low of Rs 27,450 till the closing.
