Dimming safe haven appeal hits Gold
06/04/2015 09:45
Gold futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the precious metal as Iran and the West negotiated a nuclear accord that paves way for lifting economic and financial sanctions against the Islamic nation, easing geopolitical concerns, curbing the lure for safe haven assets.
Caution ahead of the US non-farm payrolls data that was scheduled to be released on Friday also weighed on sentiment.
Gold futures may rebound today as an insipid US jobs report which showed that the world’s biggest economy added only 126,000 workers in March, snapping a 12-month streak of payrolls gains topping 200K, pushed back bets of US monetary tightening, bolstering the appeal of the bullion as a store of value. March’s payrolls gain was the weakest since December 2013, and compared to an average rise of 269,000 over the prior 12 months and missing analysts’ forecasts for a 245,000 increase, data from the US Labour Department showed on Friday.
At the MCX, Gold futures for June 2015 contract closed at Rs 26,597 per 10 gram, down by 0.46 per cent after opening at Rs 26,728, against the previous closing price of Rs 26,719. It touched the intra-day low of Rs 26,500 till the closing.
06/04/2015 09:45
Gold futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the precious metal as Iran and the West negotiated a nuclear accord that paves way for lifting economic and financial sanctions against the Islamic nation, easing geopolitical concerns, curbing the lure for safe haven assets.
Caution ahead of the US non-farm payrolls data that was scheduled to be released on Friday also weighed on sentiment.
Gold futures may rebound today as an insipid US jobs report which showed that the world’s biggest economy added only 126,000 workers in March, snapping a 12-month streak of payrolls gains topping 200K, pushed back bets of US monetary tightening, bolstering the appeal of the bullion as a store of value. March’s payrolls gain was the weakest since December 2013, and compared to an average rise of 269,000 over the prior 12 months and missing analysts’ forecasts for a 245,000 increase, data from the US Labour Department showed on Friday.
At the MCX, Gold futures for June 2015 contract closed at Rs 26,597 per 10 gram, down by 0.46 per cent after opening at Rs 26,728, against the previous closing price of Rs 26,719. It touched the intra-day low of Rs 26,500 till the closing.
