Gold futures fall ahead of FOMC minutes

Posted By: Religare
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Gold futures fall ahead of FOMC minutes
Gold futures fell in the domestic market on Wednesday tracking a bearish trend in the overseas market as investors and speculators booked profits in the precious metal following the recent sharp rally.

Further, caution ahead of the FOMC minutes to be released later today weighed on the precious metal. The minutes may signal that US Federal Reserve policymakers continue to support the case for tapering QE despite recent weakness in the world's biggest economy, clouding the outlook for the yellow metal, which is a hedge against the inflationary risk of monetary stimulus.

Gold futures for April 2014 contract, at MCX, is trading at Rs. 30,116 per 10 grams, down by 0.36 per cent, after opening at Rs. 30,132, against the previous closing price of Rs 30,224. It touched an intra-day low of Rs 30,083. (At 10:37 AM).

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