Gold futures continue downward journey

Posted By: Religare
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Gold futures continue downward journey
Gold futures were trading lower in the domestic market on Thursday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market after the US Federal Reserve signaled that it may raise interest rates sooner than earlier anticipated, dimming the appeal of the bullion as a store of value.

Investors are cautious ahead of the US jobless claims data due today which may signal strength in the US labour market, boosting the case for earlier than expected monetary tightening by the Fed.

Gold futures for October 2014 contract, at MCX, is trading at Rs. 28,064 per 10 grams, down by 0.52 per cent, after opening at Rs. 28,161, against the previous closing price of Rs 28,212. It touched an intra-day low of Rs 28,051. (At 10:58 AM).

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