Gold falls on strong greenback
08/01/2015 12:45
Gold prices fell by 0.79 per cent on Thursday at the domestic markets after data showed that U.S. non-farm private employment rose more-than-expected in December. Payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 241,000 last month, above expectations for an increase of 226,000. Further, a stronger dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand. Gold futures for February 2015 contract, at MCX, were trading at Rs. 26,947 per 10 grams, down by 0.79 per cent after opening at Rs. 27,125 against the previous closing price of Rs. 27,161. It touched the intra-day low of Rs. 26,945 till the trading. (At 12.30 PM today).
08/01/2015 12:45
Gold prices fell by 0.79 per cent on Thursday at the domestic markets after data showed that U.S. non-farm private employment rose more-than-expected in December. Payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 241,000 last month, above expectations for an increase of 226,000. Further, a stronger dollar reduced the appeal of the bullion as an alternative asset. Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand. Gold futures for February 2015 contract, at MCX, were trading at Rs. 26,947 per 10 grams, down by 0.79 per cent after opening at Rs. 27,125 against the previous closing price of Rs. 27,161. It touched the intra-day low of Rs. 26,945 till the trading. (At 12.30 PM today).
