Upbeat US data delivers a blow to Gold
23/04/2015 09:48
Gold futures ended lower in the domestic and overseas market on Wednesday as investors and speculators exited positions in the precious metal as robust US economic data which showed that US home price gains topped estimates in February while sales of existing homes rose the most in four years last month signaled a pickup in the world’s biggest economy, fueling bets that the Federal Reserve may move closer to undertaking a maiden interest rate lift-off since 2006, dimming the appeal of the bullion as a store of value.
Further, upbeat US stock markets also curbed the demand for the bullion as an alternative asset.
Gold futures may trade on a cautious note today as investors eye weekly jobless claims numbers which may offer further cues over the health of the US labour market while fresh tensions in the Middle East support safe haven appeal.
At the MCX, Gold futures for June 2015 contract closed at Rs 26,624 per 10 gram, down by 1.16 per cent after opening at Rs 26,853, against the previous closing price of Rs 26,936. It touched the intra-day low of Rs 26,606 till the closing.
23/04/2015 09:48
Gold futures ended lower in the domestic and overseas market on Wednesday as investors and speculators exited positions in the precious metal as robust US economic data which showed that US home price gains topped estimates in February while sales of existing homes rose the most in four years last month signaled a pickup in the world’s biggest economy, fueling bets that the Federal Reserve may move closer to undertaking a maiden interest rate lift-off since 2006, dimming the appeal of the bullion as a store of value.
Further, upbeat US stock markets also curbed the demand for the bullion as an alternative asset.
Gold futures may trade on a cautious note today as investors eye weekly jobless claims numbers which may offer further cues over the health of the US labour market while fresh tensions in the Middle East support safe haven appeal.
At the MCX, Gold futures for June 2015 contract closed at Rs 26,624 per 10 gram, down by 1.16 per cent after opening at Rs 26,853, against the previous closing price of Rs 26,936. It touched the intra-day low of Rs 26,606 till the closing.
