Gold futures flat amid US stimulus taper fears

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Gold futures flat amid US stimulus taper fears
Gold futures were trading on a flat note in the domestic market on Monday as investors and speculators stayed cautious over booking fresh positions in the precious metal amid concerns that a pickup in the world's biggest economy may accelerate the US Federal Reserve's plan to taper its record monthly bond buying program, dimming the appeal of the yellow metal, a hedge against the inflationary risk of monetary stimulus.

US new home sales rose for the first time in three months in April, signaling an upbeat economic outlook.

Gold futures for June 2014 contract, at MCX, is trading at Rs. 27,352 per 10 grams, up by 0.01 per cent, after opening at Rs. 27,325, against the previous closing price of Rs 27,349. It touched an intra-day high of Rs 27,408. (At 11:20 AM).

Read more about: gold, futures
Story first published: Monday, May 26, 2014, 12:40 [IST]
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