Stock Market News : Gold tips for 23 sept 2014

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GOLD

Gold futures ended lower in the domestic market on Friday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market amid fears that the US Federal Reserve is moving closer to raising borrowing costs after the world’s top central bank raised its interest rate projections for end 2015, dimming the appeal of the precious metal as a store of value. A stronger dollar curbed the demand for the bullion as an alternative asset.Stronger dollar makes the precious metal expensive to those holding other currencies, thus dimming demand. A rally in equities curbed the demand for the yellow metal as an alternative asset. A decision by Scotland to remain as part of the UK following a referendum, in which 54 per cent people voted against an independent Scotland, dimmed the safe haven appeal of the bullion. Gold futures may continue the downward journey as a slump in bullion-backed exchange traded holdings signaled weaker investment demand. Gold futures for October 2014 contract, at MCX, closed at Rs. 26,496 per 10 grams, down by 0.61 percent, after opening at Rs. 26,634, against the previous closing price of Rs 26,659. It touched an intra-day low of Rs 26,461.

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