Gold futures dip amid weak global cues

Gold futures dip amid weak global cues
Gold futures were trading lower in the domestic market on Monday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market as a technical indicator signaled further losses in the yellow metal.

Easing concerns over the crises in Ukraine after an agreement between the West and Russia last week to ease the conflict in Ukraine dimmed the safe haven demand for the bullion. Further, concerns that slowing economic growth in China, the world's top bullion consumer, may hit the demand for the precious metal, also weighed on sentiment.

Gold futures for June 2014 contract, at MCX, is trading at Rs. 28,322 per 10 grams, down by 0.64 per cent, after opening at Rs. 28,425, against the previous closing price of Rs 28,505. It touched an intra-day low of Rs 28,282. (At 11:10 AM).

Dion Global Solutions Ltd.

Story first published: Monday, April 21, 2014, 12:55 [IST]
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