Weak investment demand weighs on Bullion

Gold futures were trading with slim losses in the domestic market on Wednesday as investors and speculators stayed cautious over booking fresh positions in the precious metal as a slump in holdings in gold-backed exchange traded products (ETP) signaled weak investment demand for the bullion.

Holdings in the SPDR Trust, the world’s biggest gold-backed ETP fell the most in 18 months, down 1.6 per cent to 712.9 metric tons.

Further, upbeat US Q3 GDP data raised fears of a sooner than expected rate hike by the Fed, dimming the appeal of the bullion as a store of value.

At the MCX, Gold futures for February 2015 contract is trading at Rs 26,619 per 10 gram, down by 0.02 per cent after opening at Rs 26,587, against the previous closing price of Rs 26,625. It touched the intra-day low of Rs 26,572 till the closing. (At 10:29 AM).
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