Gold futures dip on easing safe haven demand

Posted By: Religare
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Gold futures dip on easing safe haven demand
Gold futures fell in the domestic market on Tuesday as investors and speculators exited positions in the precious metal as easing tensions in the Middle East and Ukraine dimmed the safe haven appeal of the bullion.

While there were was no fighting between Gaza and Israel on account of a 72-hour ceasefire, Kurdish forces resumed control of two towns in Iraq as militants backed down after US airstrikes. Tensions between Russia and Ukraine eased after the Russian Defence Ministry said that Russian troops had ended their exercise near the Ukrainian border and were returning to their permanent bases.

Gold futures for October 2014 contract, at MCX, is trading at Rs. 28,591 per 10 grams, down by 0.15 per cent, after opening at Rs. 28,561, against the previous closing price of Rs 28,633. It touched an intra-day low of Rs 28,550. (At 10:59 AM).

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