Yellow metal loses sheen on global cues
24/08/2016 15:22
Gold futures were trading lower during the afternoon trade in the domestic market on Wednesday as investors and speculators cut down their positions in the precious metal amid a weakening global trend.
Further, the fall in prices for gold was in-line with a weak trend overseas after the US Fed official signalled that an increase in US interest rates is still possible this year, hurting demand for the precious metal as a safe-haven investment.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,314 per 10 grams, down by 0.18 per cent, after opening at Rs 31,290, against a previous close of Rs 31,357. It touched the intra-day low of Rs 31,265 (at 15:19 hours).
24/08/2016 15:22
Further, the fall in prices for gold was in-line with a weak trend overseas after the US Fed official signalled that an increase in US interest rates is still possible this year, hurting demand for the precious metal as a safe-haven investment.
At the MCX, gold futures for October 2016 contract is trading at Rs 31,314 per 10 grams, down by 0.18 per cent, after opening at Rs 31,290, against a previous close of Rs 31,357. It touched the intra-day low of Rs 31,265 (at 15:19 hours).
