Gold falls on upbeat U.S. consumer confidence data

Posted By: Religare
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Gold prices fell by 0.17 per cent on Wednesday at the domestic markets after data showed that U.S. consumer confidence improved to a seven-year high in July, underlining optimism over the economic outlook. Conference Board said that its index of consumer confidence rose to 90.9 this month from a reading of 86.4 in June. Further, stronger dollar reduced the appeal of the bullion as an alternative asset.

Stronger dollar makes the precious metal expensive for those holding other currencies, thus reducing demand. Gold futures for August 2014 contract, at MCX, were trading at Rs. 27,820 per 10 grams, down by 0.17 per cent after opening at Rs. 27,853 against the previous closing price of Rs. 27,866. It touched the intra-day low of Rs. 27,810 till the trading. (At 11.50 AM today).

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