Economic optimism pushes gold lower

Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts
    Economic optimism pushes gold lower
    Optimism over US economic recovery weighed on gold sentiment as investors shifted their focus from the yellow metal to other riskier assets on renewed optimism.

    International spot gold slipped more than 3% to near 4-week low on strong equities and US economic data which dented safe haven appeal. International gold was seen trading at $1,565 an ounce.

    Tracking global trend, gold futures all also fell in domestic trade. Also, stronger dollar trimmed demand for the precious metal as an alternative investment as it makes metal more expensive for those holding other currencies.

    Gold futures for April contract was seen trading at Rs 28,928 per 10 grams lower by Rs 221 or 0.76% on the Multi Commodity Exchange at 12.40 pm IST.

    Silver futures fell more than 1% following weakness in gold. It was seen trading lower by Rs 757 or 1.47% on the MCX.

    GoodReturns.in

    Read more about: gold dollar mcx
    Story first published: Wednesday, April 3, 2013, 12:55 [IST]
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'
    India's LARGEST EVER political poll. Have you participated yet?

    Find IFSC

    Get Latest News alerts from Goodreturns

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more