Stronger dollar bites yellow metal
08/05/2015 11:40
Gold futures fell in the domestic market on Friday as investors and speculators exited positions in the precious metal 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. Further, caution ahead of the key US non-farm payrolls data to be unveiled later in the session and that may dictate the timing of a maiden Federal Reserve interest rate lift-off since 2006, weighed on the precious metal. At the MCX, Gold futures for June 2015 contract is trading at Rs 26,882 per 10 gram, down by 0.19 per cent after opening at Rs 26,912, against the previous closing price of Rs 26,934. It touched the intra-day low of Rs 26,855. (At 11:33 AM).
08/05/2015 11:40
Gold futures fell in the domestic market on Friday as investors and speculators exited positions in the precious metal 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. Further, caution ahead of the key US non-farm payrolls data to be unveiled later in the session and that may dictate the timing of a maiden Federal Reserve interest rate lift-off since 2006, weighed on the precious metal. At the MCX, Gold futures for June 2015 contract is trading at Rs 26,882 per 10 gram, down by 0.19 per cent after opening at Rs 26,912, against the previous closing price of Rs 26,934. It touched the intra-day low of Rs 26,855. (At 11:33 AM).
