Gold futures ease on profit booking

Gold futures ease on profit booking
Gold futures were trading little changed in the domestic market on Friday as investors and speculators booked profits in the precious metal following a sharp rally in the previous session when speculation rose that the US Federal Reserve may maintain the current pace of QE until 2014, bolstering the appeal of the bullion, a hedge against the inflationary risk of monetary stimulus.

However, robust demand for the yellow metal from Asia supported gold futures as HSBC predicted gold demand in the region may continue to rise as high inflation spurs investment demand.

Gold futures for December 2013 contract, at MCX, were trading at Rs. 29,560 per 10 grams, up by 0.07 per cent after opening at Rs. 29,367, against the previous closing price of Rs 29,538. It touched an intra-day high of Rs 29,576. (At 11:38 AM).

Dion Global Solutions Ltd.

Read more about: gold, gold futures, us federal reserve, qe3
Story first published: Friday, October 18, 2013, 12:53 [IST]
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