Strong dollar takes sheen off Gold futures

Posted By: Religare
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Strong dollar takes sheen off Gold futures
Gold futures were trading lower in the domestic market on Tuesday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market as a stronger dollar dimmed the appeal of the precious metal as an alternative asset. Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand.

Further, caution ahead of US factory data which may show continued strength in the world's biggest economy weighed on sentiment.

Gold futures for October 2014 contract, at MCX, is trading at Rs. 27,873 per 10 grams, down by 0.22 per cent, after opening at Rs. 27,883, against the previous closing price of Rs 27,934. It touched an intra-day low of Rs 27,829. (At 11:03 AM).

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