Gold prices fell for the third day on Wednesday on reports that the Federal Reserve may refrain from offering further stimulus measures at the end of its policy meeting today in turn dampening demand prospects for the yellow metal.
Gold futures for August 2012 contract, at MCX, were trading at Rs. 29,668 per 10 grams, down by 0.27 per cent after opening at Rs. 29,710 against the previous closing price of Rs. 29,749. It touched the intra-day low of Rs. 29,661 till the trading. (At 11.18 AM today).
Moreover, prices also rose as the dollar rose against other major currencies in turn sending the gold prices falling. The dollar index for September 2012 future was up 0.04 per cent to trade at 82.67 on the Inter-Continental Exchange (ICE) US dollar future index at 11.12 AM IST today.
A stronger dollar reduces demand for precious metals as an alternative investment and makes dollar-priced commodities expensive.
At the Commodity Exchange (COMEX), gold future for December 2012 delivery traded at US$1,617.5 per ounce, up by 0.18 per cent ahead of ECB policy meeting.
It opened at US$1,617.5 against the previous closing price of US$1,614.6. It touched the intra-day high of US$1,618.7. (At 11.06 am IST). [ Via ]
Moreover, prices also rose as the dollar rose against other major currencies in turn sending the gold prices falling. The dollar index for September 2012 future was up 0.04 per cent to trade at 82.67 on the Inter-Continental Exchange (ICE) US dollar future index at 11.12 AM IST today.
A stronger dollar reduces demand for precious metals as an alternative investment and makes dollar-priced commodities expensive.
At the Commodity Exchange (COMEX), gold future for December 2012 delivery traded at US$1,617.5 per ounce, up by 0.18 per cent ahead of ECB policy meeting.
It opened at US$1,617.5 against the previous closing price of US$1,614.6. It touched the intra-day high of US$1,618.7. (At 11.06 am IST). [ Via ]
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