Gold futures slided down in the domestic market on Friday as dropping in oil prices has hit the demand for gold as a hedge against expansion. The resurfacing of Greek problems and a global declaration may support the precious metal’s demand as a safe haven asset. Further, a powerful dollar reduced the appeal of the bullion as an alternative asset. Powerful dollar makes the precious metal expensive for those holding other currencies, thus lessen demand.
At the MCX, Gold futures for February 2015 contract was trading at Rs 26,685 per 10 gram, downward by 0.06 percent after opening at Rs 26,740, against the last day of closing price of Rs 26,700. It touched the intra day max of Rs 26,642 till the trading. (At 11.58 AM today). Gold futures for February 2015 contract ended at Rs 26,700 per 10 gram, downward by 0.01 percent after opening at Rs 26,698, against the last day of closing price of Rs 26,703. It touched the intra day low lying of Rs 26,670 till the ending.
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