Gold Futures lower on MCX as international prices dip

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Gold Futures lower on MCX as international prices dip
Gold Futures were trading lower on the MCX in the absence of any major cues. Gold for Feb delivery was trading lower by Rs 126 at Rs 28,450, while Silver was also trading lower at Rs 44,750.

Gold Futures have been trading in a range in the absence of any major cues. International prices over the last week have moved in a tight range. Check latest gold rates here

Gold is headed for its worst fall in 32 years, while international gold prices are set to fall for the first time in 12 years.

In 2013, gold was set against the backdrop of Federal Reserve tapering and against a better then economic recovery around the globe. In fact, investors shunned gold for equity as fundamentals of the global economy began improving.

Also, India the world's largest consumer of gold saw demand falling as the government unleashed a series of measures to reduce gold imports. This was largely to curd gold imports, which was largely responsible for the soaring current account deficit.

Read more about: gold, mcx, federal reserve
Story first published: Friday, December 27, 2013, 11:29 [IST]
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