DATE: 01/04/2015
Gold
futures fell in the domestic market on Tuesday as investors and
speculators exited
positions in the precious metal tracking a
bearish trend in the overseas market as a stronger
dollar curbed the
demand for the bullion as an alternative asset. Stronger greenback
makes gold
more expensive for those holding other currencies, thus
dimming demand. Investors are bracing
for a maiden US interest rate
hike since 2006 as Fed Chair Janet Yellen last week saw monetary
tightening beginning later this year, dimming the appeal of gold as a
store of value. At the MCX Gold futures for April 2015 contract is
trading at Rs 26,186 per 10 gram, down by 0.32 percent
after opening
at Rs 26,208, against the previous closing price of Rs 26,270. It
touched the intra-
day low of Rs 26,160.
Silver
futures fell in the domestic market on Tuesday as investors and
speculators exited
positions in the precious metal amid speculation
that Friday’s jobs data which may signal a
thirteenth month of
payrolls topping the 200K mark in March, could add the heat on the
US
Federal Reserve to raise interest rates in the coming months,
dimming the appeal of the bullion
as a store of value.Further, a
stronger dollar curbed the demand for the bullion as an alternative
asset. Stronger greenback makes silver more expensive for those
holding other currencies, thus
dimming demand. At the MCX, Silver
futures for May 2015 contract is trading at Rs 37,110 per 1
kg, down
by 0.95 percent after opening at Rs 37,336, against the previous
closing price of Rs
37,446. It touched the intra-day low of Rs
37,050 till the closing.
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