Gold futures drop amid weak global cues

Gold futures drop amid weak global cues
Gold futures were trading lower in the domestic market on Wednesday as investors and speculators exited positions in the precious metal as the recent rally in prices dampened physical demand for the yellow metal.

The US Federal Reserve Chairman Janet Yellen on Tuesday said that the Fed may continue with measured tapering of QE as she stressed on the improvement in the world's biggest economy, dampening the appeal of the precious metal, which is a hedge against the inflationary risk of monetary stimulus.

Gold futures for April 2014 contract, at MCX, is trading at Rs. 29,043 per 10 grams, down by 0.21 per cent, after opening at Rs. 29,070, against the previous closing price of Rs 29,104. It touched an intra-day low of Rs 29,006. (At 11:07 AM).

Dion Global Solutions Ltd.

Story first published: Wednesday, February 12, 2014, 12:53 [IST]
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