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Gold Slips Tracking Global Cues
Gold futures slipped in the noon trade on Monday tracking globally cues. International gold hovered at three high as equities slipped across the world.
On Friday, gold rose after the US Federal Reserve kept interest rates steady in the US, largely on worries over global conditions and on inflation continuing to remain low.
International gold was seen trading at $1,138 an ounce which touched $1,141.50 in the previous session.
Hike in interest rate would negatively impact on the gold sentiment as investor would shift focus from gold to other investments.
In India, gold futures for the latest delivery were seen trading at Rs 26,480 on the Multi Commodity Exchange at 2.06 pm IST. It touched an intra-day high of Rs 26,547 during the day.
Gold prices edged down by Rs 15 to Rs 26,660 at the bullion market today owing to weak global cues amid sluggish demand from jewellers, reports PTI.
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