Gold futures dip amid sluggish physical demand

Posted By: Religare
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Gold futures dip amid sluggish physical demand
Gold futures fell in the domestic market on Wednesday as investors and speculators exited positions in the precious metal amid speculation that higher prices of the bullion following an impressive rally may hurt physical demand for gold in Asia.

China's net gold imports from Hong Kong stood at 83.6 metric tons in January, down from 91.9 tons in December 2013, signaling weakening gold demand in the world's biggest bullion consumer.Investors were cautious ahead of the US new home sales data due later today.

Gold futures for April 2014 contract, at MCX, is trading at Rs. 30,166 per 10 grams, down by 0.24 per cent, after opening at Rs. 30,240 against the previous closing price of Rs 30,240. It touched an intra-day low of Rs 30,112. (At 11:29 AM).

Dion Global Solutions Ltd.

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