Gold Futures Slip: Amid Weak Global Cues

Gold futures fell in the domestic market on Wednesday as investors and speculators exited positions in the precious metal amid a bearish trend in overseas markets. 

Gold futures fell in the overseas markets on Wednesday as investor holdings in the bullion slumped amid worries that the yellow metal may snap its 12-year bull run in 2013. 

Gold futures surged on Tuesday as Fed Chairman Ben Bernanke reaffirmed the central bank’s commitment to QE3 to boost the US economy, lifting the outlook for the bullion, a hedge against the inflationary risk of monetary stimulus. 

Fresh fears over Europe’s debt turmoil amid deepening political uncertainty in Italy also boosted the safe haven appeal of the precious metal. [Via]

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