Gold edges lower; strong equities weigh

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Gold edges lower; strong equities weigh
Gold Futures were trading lower on the Multi Commodity Exchange tracking weak global cues. The rise in domestic equities dampened the demand for the yellow metal as safe-haven investment as investors shifted their focus to equities and other riskier assets.

International gold, also lost its shine after rally in equities. Gold ETF holding dropped to lowest in more than three years, also supported the downfall. Spot gold was seen trading at $1,461 an ounce.

Domestically, gold futures were seen trading at Rs 26,918 per 10 grams lower by Rs 178 on the MCX at 2.45 pm IST.

Silver futures for July Contract were down by Rs 545 at Rs 44,623 per kgs.

Of late, precious-metals have lost their safe-haven title and have been witnessing a similar trend to other riskier assets due to volatility in currency markets and uncertainty global economy.

Read more about: gold, futures, mcx
Story first published: Tuesday, May 7, 2013, 14:58 [IST]
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