Gold extends losses; falls for second day on upbeat US data

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Gold extends losses; falls for second day on upbeat US data
Gold prices extended losses, falling for the second day on Thursday at the domestic markets as a result of upbeat data out of US which signaled an improving economy in US, world's largest economy in turn boosting the case for the US Federal Reserve to taper QE in the near-term, dimming the appeal of the precious metal, a hedge against the inflationary risk of monetary stimulus.

Sales of new homes in the US rose to the highest level in five years, up 8.3 per cent to an annualized pace of 497,000 in June 2013, the Commerce Department said. Gold futures for August 2013 contract, at MCX, were trading at Rs. 27,161 per 10 grams, down by 0.29 per cent after opening at Rs. 27,255 against the previous closing price of Rs. 27,240. It touched the intra-day low of Rs. 27,132 till the trading. (At 11.35 AM today).

At the Commodity Exchange (COMEX), gold future for August 2013 delivery traded at US$1,321.3 per ounce, up by 1.8 per cent. It opened at US$1,321.2 against the previous closing price of US$1,319.5. It touched the intra-day high of US$1,324. (At 11.20 am IST).

Read more about: gold
Story first published: Thursday, July 25, 2013, 13:02 [IST]
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