Gold Lower As Safe Haven Appeal Ebbs

Gold futures fell during noon trade in the domestic market on Friday as gains in most Asian equities and a rally in oil prices eroded the safe haven appeal of the precious metal while traders weighed the hefty stimulus package unveiled by the European Central Bank (ECB) to prop up growth and inflation in the Euro area economy.

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Gold Lower As Safe Haven Appeal Ebbs
The ECB cut its deposit rate by 10 basis points to -0.4 per cent while the benchmark rate was lowered to 0 from 0.05 per cent and monthly bond purchases were increased to 80 billion euro from 60 billion euro with corporate bonds now eligible.

At the MCX, Gold futures for April 2016 contract is trading at Rs 29,883 per 10 gram, down by 0.16 per cent after opening at Rs 29,850, against the previous closing price of Rs 29,931. It touched the intra-day low of Rs 29,759. (At 12:03 PM).

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Story first published: Friday, March 11, 2016, 12:50 [IST]
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