Comments
Gold may continue its downtrend in the futures market.
MCX gold June contract may touch Rs 28,475 per 10 grams on Thursday against yesterday’s close of Rs 28,518.
In Mumbai spot market, the yellow metal opened at Rs 2,762 per gram against Wednesday’s close of Rs 2,768.
Rupee has depreciated by 10 paise against dollar. This has prevented gold prices from falling sharply in India.
In the US market, gold was at $1,638 a troy ounce at 11 am on Thursday. At Comex, it closed at $1,642 an ounce yesterday.
Analysts feel that the concerns about Spain's finances and banking sector moved funds to US treasuries and German Bunds, while caution prevailed in most markets.
Gold, though traditionally seen as a safe haven during times of economic and political turmoil, has moved largely in tandem with riskier assets and against the dollar, of late.
Physical buying interest from the world’s top two gold consumers, India and China, has been sluggish, weeks after the jewellers’ strike was called off.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.