Gold futures drop amid Fed taper bets

Posted By: Religare
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Gold futures drop amid Fed taper bets
Gold futures fell in the domestic market on Monday as investors and speculators exited positions in the precious metal as bets that the US Federal Reserve may continue paring QE dimmed the appeal of the bullion, a hedge against the inflationary risk of monetary stimulus.

Prices fell in the overseas market as a weaker euro against the dollar dimmed the appeal of gold as an alternative asset.

Gold futures for June 2014 contract, at MCX, is trading at Rs. 28,402 per 10 grams, down by 0.43 per cent, after opening at Rs. 28,474, against the previous closing price of Rs 28,525. It touched an intra-day low of Rs 28,350. (At 11:36 AM). Check gold rates here

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