Gold closes lower amid mixed US economic data
15/04/2015 09:59
Gold futures ended lower in the domestic and overseas market on Tuesday as metal investors locked in profits in spite of a weaker dollar pushed down by mixed U.S. economic data. U.S. retail sales for March rose 0.9 per cent for the month, marking its first monthly in more than three months. The data may not be considered bullish, however, since some economists forecasted a weather-related bounce of more than 1 per cent, following a harsher than usual winter. However, a weaker dollar increased the appeal of Gold as an alternative asset. Weaker greenback makes gold cheaper for those holding other currencies, thus raising demand. Gold futures may rebound today amid a pickup in physical demand for the precious metal in Asia. At the MCX, Gold futures for June 2015 contract closed at Rs 26,544 per 10 gram, down by 0.58 per cent after opening at Rs 26,622, against the previous closing price of Rs 26,699. It touched the intra-day low of Rs 26,387 till the closing.
15/04/2015 09:59
Gold futures ended lower in the domestic and overseas market on Tuesday as metal investors locked in profits in spite of a weaker dollar pushed down by mixed U.S. economic data. U.S. retail sales for March rose 0.9 per cent for the month, marking its first monthly in more than three months. The data may not be considered bullish, however, since some economists forecasted a weather-related bounce of more than 1 per cent, following a harsher than usual winter. However, a weaker dollar increased the appeal of Gold as an alternative asset. Weaker greenback makes gold cheaper for those holding other currencies, thus raising demand. Gold futures may rebound today amid a pickup in physical demand for the precious metal in Asia. At the MCX, Gold futures for June 2015 contract closed at Rs 26,544 per 10 gram, down by 0.58 per cent after opening at Rs 26,622, against the previous closing price of Rs 26,699. It touched the intra-day low of Rs 26,387 till the closing.
