×
Home Companies Industry Politics Money Opinion LoungeMultimedia Science Education Sports TechnologyConsumerSpecialsMint on Sunday
×

Gold futures extend fall on strong dollar

Gold futures extend fall on strong dollar
Comment E-mail Print Share
First Published: Wed, Apr 01 2009. 11 42 AM IST
Updated: Wed, Apr 01 2009. 11 42 AM IST
Mumbai: India’s gold futures extended losses for a second day on Wednesday on a strong dollar overseas, dimming the yellow metal’s appeal as an alternative investment, analysts said.
The benchmark June gold contract was 0.35% lower at Rs15,012 per 10 grams at 11:46am., after losing 0.4% in the previous session.
The dollar and the yen rose on a report that the White House was prepared to let US automakers go bankrupt, but retreated from the day’s highs after a US administration official said it was inaccurate.
“It will be mostly a data dependent day,” said Debjyoti Chatterjee, associate vice-president with MAPE ADMISI.
US construction spending for February and US automaker sales data for March will be released on Wednesday, while US jobless claims are due out on Thursday.
Technically, gold is looking positive, analysts said.
Comment E-mail Print Share
First Published: Wed, Apr 01 2009. 11 42 AM IST
More Topics: Markets | India | Bullion | Gold | Stocks |