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Gold Futures Lower on Weak Global Cues; Fed Minutes Weigh

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Gold Futures slipped in electronic trade tracking weak global cues weighed by minutes from the Federal Reserve.

 

Gold was weighed by the speculation that US Federal Reserve may raise interest rates in June despite recent weak data.

On Monday, the yellow metal has hit seven week high after the disappointing US jobs data on hopes that Fed may postpone the rate hike to next year.

Gold Futures Lower on Weak Global Cues; Fed Minutes Weigh

Dollar was seen trading higher against basket of currencies which weighed on the sentiment.

International gold slipped below $1,200 an ounce and was seen at $1,196 an ounce.

In the national capital, gold of 99.9 per cent purity suffered a sharp set-back of Rs 400 each at Rs 26,750 and Rs 26,600 per 10 grams, respectively, a level last seen on April 1, reports PTI.

Gold futures for June 2014 contract, at MCX, seen trading at Rs. 26,521 per 10 grams, down by 0.89 per cent. It touched an intra-day low of Rs 26,466.

The fall in prices may attract physical buyers of India ahead of wedding season.

GoodReturns.in

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