Yellow metal lower on weak investment demand 23/09/2014

Yellow metal lower on weak investment demand
23/09/2014 11:46
Gold futures fell in the domestic market on Tuesday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market as a stronger dollar curbed the demand for the yellow metal as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand. Holdings in the SPDR Gold Trust, the biggest bullion-backed exchange traded product (ETP) declined to the lowest level since December 2008, falling to 774.65 metric tons, signaling weaker investment demand for gold. Gold futures for October 2014 contract, at MCX, is trading at Rs. 26,549 per 10 grams, down by 0.15 per cent, after opening at Rs. 26,580, against the previous closing price of Rs 26,588. It touched an intra-day low of Rs 26,533. (At 11:29 AM).

Yellow metal up on safe haven demand 10/09/2014

Yellow metal up on safe haven demand
10/09/2014 11:34
Gold futures rose in the domestic market on Wednesday as investors and speculators flocked to the safety of the precious metal after the European Union said that it would soon slap more sanctions against Russia despite last weekend’s announcement of a ceasefire between pro-Russia rebels and the Ukrainian government. Investors are weighing the outlook for US interest rate hike as they eye key US economic data this week including retail sales and jobless claims which may show strength in the world’s biggest economy. Gold futures for October 2014 contract, at MCX, is trading at Rs. 27,378 per 10 grams, up by 0.43 per cent, after opening at Rs. 27,334, against the previous closing price of Rs 27,261. It touched an intra-day high of Rs 27,416. (At 11:18 AM).

Gold futures dip on improving US economic outlook 27/06/2014

Gold futures dip on improving US economic outlook
27/06/2014 09:53
Gold futures ended lower in the domestic market on Thursday as investors and speculators exited positions in the precious metal as an improving outlook for the world’s biggest economy dampened the safe haven appeal of the yellow metal. A dip in the number of Americans’ filings for jobless claims last week and a revival in US consumer spending in May, signaled strength in the US economy, raising bets that the Federal Reserve may continue the rollback of its monthly bond buying program, dimming the appeal of gold, a hedge against the inflationary risk of monetary stimulus. Most Fed officials see the central bank to start hiking borrowing costs from next year, dimming the appeal of gold as a store of value. Federal Reserve Bank of St. Louis President James Bullard said that the US economy is strong enough to overcome any effect of a rise in short-term interest rates in 2015. Gold futures may fall today ahead of US consumer sentiment data which may show further improvement in the US economy. Gold futures for August 2014 contract, at MCX, closed at Rs. 27,667 per 10 grams, down by 0.30 per cent, after opening at Rs. 27,703, against the previous closing price of Rs 27,751 It touched an intra-day low of Rs 27,490.