Bear grips gold amid stronger dollar
27/03/2015 12:25
Gold futures fell in the domestic market on Friday as investors and speculators exited positions in the precious metal tracking a bearish 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.
Investors were also cautious ahead of US Q4 GDP revised estimates which may have a bearing on when the US Fed will raise interest rates for the first time since 2006. However, fresh concerns over Middle East amid bombing in Yemen boosted gold’s safe haven appeal.
At the MCX, Gold futures for April 2015 contract is trading at Rs 26,729 per 10 gram, down by 0.27 per cent after opening at Rs 26,675, against the previous closing price of Rs 26,801. It touched the intra-day low of Rs 26,657. (At 12:01 PM).
27/03/2015 12:25
Gold futures fell in the domestic market on Friday as investors and speculators exited positions in the precious metal tracking a bearish 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.
Investors were also cautious ahead of US Q4 GDP revised estimates which may have a bearing on when the US Fed will raise interest rates for the first time since 2006. However, fresh concerns over Middle East amid bombing in Yemen boosted gold’s safe haven appeal.
At the MCX, Gold futures for April 2015 contract is trading at Rs 26,729 per 10 gram, down by 0.27 per cent after opening at Rs 26,675, against the previous closing price of Rs 26,801. It touched the intra-day low of Rs 26,657. (At 12:01 PM).
