Gold futures dip amid weak global cues

Gold futures dip amid weak global cues
Gold futures fell in the domestic market on Tuesday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market as a stronger dollar dimmed the appeal of the bullion as an alternative asset. Stronger dollar makes gold more expensive for those holding other currencies, thus dimming demand.

However, worries over Ukraine continued to support gold's safe haven appeal as rebels in eastern Ukraine sought to join Russia after a referendum.

Gold futures for June 2014 contract, at MCX, is trading at Rs. 28,559 per 10 grams, down by 0.24 per cent, after opening at Rs. 28,590, against the previous closing price of Rs 28,628. It touched an intra-day low of Rs 28,510. (At 11:00 AM).

Read more about: gold, futures
Story first published: Tuesday, May 13, 2014, 12:50 [IST]
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