Gold futures dip ahead of US data

Gold futures fell in the domestic market on Wednesday as investors and speculators stayed cautious ahead of the US retail sales data which may show that sales rose for a sixth month on the trot in June, signaling a pickup in the world's biggest economy, raising bets of the Federal Reserve reversing its monetary policy stance sooner than earlier anticipated, dimming the appeal of the bullion as a store of value.

However, geopolitical concerns continued to support the precious metal as Israel prepared for fresh strikes in Gaza while Ukraine debated whether to allow a Russian aid convoy to rebel-hit areas.

Gold futures for October 2014 contract, at MCX, is trading at Rs. 28,677 per 10 grams, down by 0.18 per cent, after opening at Rs. 28,640, against the previous closing price of Rs 28,730. It touched an intra-day low of Rs 28,640. (At 10:52 AM).

Read more about: gold futures
Story first published: Wednesday, August 13, 2014, 12:30 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?