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Gold futures drops below Rs 30,000 in thin trading

Gold futures drops below Rs 30,000 in thin trading
Gold futures dropped in thin trade tracking weak global cues. Spot market is likely to be closed as Indian Trade Unions had called for a two day strike starting today.

Improving signs of the economy will impact on the gold sentiment as US may stop considering stimulus measures which will dent the demand for the yellow metal.

People may shift their focus to other riskier assets, including equities.

International gold dropped near to hit near two-month low. Spot gold was seen at $1,607 an ounce.

At the MCX, Gold futures, for the April 2013 contract, is trading at Rs 29,980 per 10 grams, lower by Rs 72 or 0.24% at 11.10 am IST.

Recent swings in gold prices have tarnished its reputation as a safe haven, and bullion has moved in tandem with riskier assets.

Read more about: gold futures
Story first published: Wednesday, February 20, 2013, 11:36 [IST]
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