Yellow metal loses sheen ahead of Yellen speech 25/08/2016

Yellow metal loses sheen ahead of Yellen speech
25/08/2016 10:47

Gold futures were trading little changed during the morning trade in the domestic market on Thursday as investors and speculators cut down their positions in the precious metal amid a weakening global trend ahead of US Fed Chair Yellen’s speech later this week.
Further, the fall in prices for gold was in-line with a weak trend overseas as investors hope for clarity this week on the near-term path for interest rates, hurting demand for the precious metal as a safe-haven investment.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,034 per 10 grams, down by 0.04 per cent, after opening at Rs 31,029, against a previous close of Rs 31,046. It touched the intra-day low of Rs 31,014 (at 10:41 hours).