Gold futures flat amid weak physical demand

Posted By: Religare
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Gold futures flat amid weak physical demand
Gold futures were trading on a flat note in the domestic market on Wednesday as investors and speculators stayed cautious over booking fresh positions in the precious metal as a recent sharp rally deterred physical demand in the bullion.

Investors are also cautious ahead of the US private jobs data which may show a pickup in the US job market recovery, raising bets that the Federal Reserve may continue to pare QE, dimming the appeal of the bullion, a hedge against the inflationary risk of monetary stimulus.

Gold futures for August 2014 contract, at MCX, is trading at Rs. 27,748 per 10 grams, up by 0.01 per cent, after opening at Rs. 27,799, against the previous closing price of Rs 27,746. It touched an intra-day high of Rs 27,800.

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