Precious Metals
Spot price of gold fell Rs 200 per 10 gm to Rs 29,850 in India on Thursday, bringing some cheer to domestic consumers ahead of the wedding season.The June contract on the Multi Commodities Exchange, however, gained 0.11%, touching an intra-day high of Rs 28,683 per 10 gm. The intra-day low was Rs 28,537.
Bullion for immediate delivery traded at $1,290.34 an ounce at 11.47 am in Singapore from $1,289.88 on Wednesday, when prices sank 1.4%, the most since April 15, according to Bloomberg generic pricing.
Gold fell 28% in 2013 to end a 12-year rally on expectations that the Federal Reserve would scale back asset purchases. Janet Yellen, Federal Reserve Board chair, had on Wednesday told US lawmakers in Washington that the world's largest economy still needs stimulus even as data supported the outlook for faster expansion this year. The US central bank has announced cuts to bond-buying at each of its past four meetings.
"Gold broke below the psychological $1,300 level in a knee-jerk reaction to the release of Yellen's testimony," James Steel, an analyst at HSBC Securities (USA) Inc., wrote in a note.
"Bullion was also dragged lower from what appeared to be a de-escalation of geopolitical tensions. Bullion is likely to remain weak in the near-term."
D A I L Y B U Z Z
GOLDSpot price of gold fell Rs 200 per 10 gm to Rs 29,850 in India on Thursday, bringing some cheer to domestic consumers ahead of the wedding season.The June contract on the Multi Commodities Exchange, however, gained 0.11%, touching an intra-day high of Rs 28,683 per 10 gm. The intra-day low was Rs 28,537.
Bullion for immediate delivery traded at $1,290.34 an ounce at 11.47 am in Singapore from $1,289.88 on Wednesday, when prices sank 1.4%, the most since April 15, according to Bloomberg generic pricing.
Gold fell 28% in 2013 to end a 12-year rally on expectations that the Federal Reserve would scale back asset purchases. Janet Yellen, Federal Reserve Board chair, had on Wednesday told US lawmakers in Washington that the world's largest economy still needs stimulus even as data supported the outlook for faster expansion this year. The US central bank has announced cuts to bond-buying at each of its past four meetings.
"Gold broke below the psychological $1,300 level in a knee-jerk reaction to the release of Yellen's testimony," James Steel, an analyst at HSBC Securities (USA) Inc., wrote in a note.
"Bullion was also dragged lower from what appeared to be a de-escalation of geopolitical tensions. Bullion is likely to remain weak in the near-term."
