For Quick Alerts
For Daily Alerts

Gold edges lower; strong equities weigh

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]
Company Search
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