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Wednesday, February 10, 2016

Gold futures fall 0.51% on profit-booking

Wednesday, February 10, 2016
Commodity Market Tips
Gold prices drifted by 0.51 percent to Rs 28,291 per 10 ten grams in futures trade as speculators indulged in profit-booking at prevailing levels, even as metal strengthened overseas.

At the Multi Commodity Exchange, gold for delivery in April fell by Rs 146 or 0.51 percent to Rs 28,291 per 10 grams in a business turnover of 447 lots.

Similarly, metal for delivery in June contracts traded lower by Rs 144 or 0.50 percent to Rs 28,510 per 10 grams in 18 lots.

Gold will push higher on continued jitters in the global equity markets, dollar weakness, bullish technicals and a pick up in bullion investment buying,

Federal Reserve Chair Janet Yellen's address to the U.S.Congress later on Wednesday was also expected to support prices.
 
"We suspect her remarks will come across as unusually dovish, allowing the dollar to resume its descent and giving commodity markets a bit of a lift late in the day on Wednesday,"

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