D A I L Y B U Z Z
GOLD
Gold futures slumped in the domestic market on Thursday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market amid speculation that the US Federal Reserve is moving closer to raising interest rates for the first time since 2006, dimming the appeal of the bullion as a store of value. Minutes from the Fed’s October policy meet showed that policymakers debated whether to retain the pledge of keeping borrowing costs near zero for a “considerable time”, a sign that monetary tightening maybe round the corner. Holdings in the SPDR Gold Trust fell to the lowest level since September 2008 on Wednesday, signaling a slump in investment demand for the bullion. Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,425 per 10 grams, down by 1.07 per cent, after opening at Rs. 26,550, against the previous closing price of Rs 26,711. It touched an intra- day low of Rs 26,366.
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