Gold futures slides in the domestic market on Monday as investors and speculators exited positions in the precious metal as a fall in oil prices menace to utilize down pressure on global boost, dimming gold’s appeal as a hedge against boost. Crude prices have strike five-year low-laying amid worries over a supply excess, limiting demand for the yellow metal as a hedge against increase in prices. Powerful dollar and tough equities curbed the demand for the bullion as an alternative asset. Stronger greenback makes gold more costly for those holding other currencies, thus dimming demand. Gold futures may slide today amid care ahead of a flurry of US economic data today including Q3 GDP numbers, goods and orders and housing data which may offer fresh cues over the health of the world’s largest economy. At the MCX, Gold futures for February 2015 contract ended at Rs 26,608 per 10 gram, low by 1.44 per cent after opening at Rs 26,965, against the last ending price of Rs 26,998. It touched the intra-day low-laying of Rs 26,538 till the ending.
NATURAL GAS
Natural Gas collapse in the domestic market on Monday exited positions in the energy commodity follow a bearish trend in the overseas market where prices hit a two-year low-laying as light weather, which restrain the demand for the heating fuel in the world’s largest economy, combine with record production menace to increase a stockpile surplus. Gas stockpiles stood at 3.295 trillion cubic feet as of December 12, 47 billion more than a year ago and above the year-ago level for the first time since 2012, government data showed. In MCX, Natural Gas futures for December 2014 contract ended at Rs 201.50 per 1 kg, low by 9 per cent after opening at Rs 219.5, against the last ending price of Rs 221.4. It touched the intra-day low-laying of Rs 197.3 till the ending.
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