Gold futures ended lower in the domestic market on Friday as investors and speculators resorted to profit-booking following impressive gains in recent sessions while weak cues from global markets also weighed on sentiment.
Gold pulled back in the overseas market on Friday as a weaker dollar curbed the lure for the bullion as an alternative asset.
Weaker greenback makes Gold more expensive for those holding other currencies, thus dimming demand. However, Gold remained supported by bets of a delay in US interest rate hike, which bolstered the lure for the precious metal as a store of value.
Weaker than expected US manufacturing data which showed a drop in factory output in September raised bets that the Fed may put off policy tightening until next year.
Gold futures may rise today as the slowest expansion in China’s Q3 growth in over six years bolstered stimulus hopes to prop up the world’s second biggest economy.
At the MCX, Gold futures for December 2015 contract closed at Rs 27,150 per 10 gram, down by 0.39 per cent after opening at Rs 27,225, against the previous closing price of Rs 27,257. It touched the intra-day low of Rs 27,063.
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