Gold futures dip ahead of US data

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    Gold futures fell in the domestic market on Wednesday as investors and speculators stayed cautious ahead of the US retail sales data which may show that sales rose for a sixth month on the trot in June, signaling a pickup in the world's biggest economy, raising bets of the Federal Reserve reversing its monetary policy stance sooner than earlier anticipated, dimming the appeal of the bullion as a store of value.

    However, geopolitical concerns continued to support the precious metal as Israel prepared for fresh strikes in Gaza while Ukraine debated whether to allow a Russian aid convoy to rebel-hit areas.

    Gold futures for October 2014 contract, at MCX, is trading at Rs. 28,677 per 10 grams, down by 0.18 per cent, after opening at Rs. 28,640, against the previous closing price of Rs 28,730. It touched an intra-day low of Rs 28,640. (At 10:52 AM).

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