Bullion bears in control on Yellen comments
29/08/2016 15:56
Gold futures fell during noon trade in the domestic market on Monday as investors and speculators exit positions in the precious metal tracking weakness overseas as a stronger dollar curbed the lure for the bullion as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand. Rising odds of a US Fed rate hike in September curbed the appeal for gold as a store of value as Fed Chair Janet Yellen stressed that the case for monetary tightening in the world’s biggest economy had strengthened. At the MCX, gold futures for October 2016 contract is trading at Rs 30,944 per 10 grams, down by 0.15 per cent, after opening at Rs 30,940, against a previous close of Rs 30,990. It touched the intra-day low of Rs 30,879 (at 15:53 PM).
29/08/2016 15:56
