Yellow metal loses shine on weak global cues

mmgoldGold futures were trading lower during afternoon trade in the domestic market on Wednesday as investors and speculators exited their positions in the precious metal on account of diminishing safe-haven demand on surge in equities and the US dollar.

At the MCX, gold futures for April 2017 contract is trading at Rs 28685 per 10 grams, down by 0.57 per cent, after opening at Rs 28751, against a previous close of Rs 28848. It touched the intra-day low of Rs 28626.

 

                        Trading Ideas

*Gold trading range for the day is 28701-28965.

*Gold settled flat as prices pulled back from its highs as the dollar and global equities recovered from recent losses.

*Kansas City Federal Reserve President Esther George said she needs more details on the Trump administration’s fiscal proposals.

*SPDR gold trust holdings dropped by 0.21% i.e. 1.77 tonnes to 833.51 tonnes from 835.28 tonnes.

 

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