02/03/2013
U.S. gold futures for April delivery settled down $17.60 to
$1,578.10, with trading volume about 5 percent above their
250-day average.
Gold prices were down as a stronger dollar due to the
looming spending cuts starting from today pushed prices
down.
The US GDP grew by 0.1% compared to a contraction of
0.1% compared to the previous quarter which again hurt
gold’s safe haven appeal.
SPDR Gold Trust holdings fell 0.3 percent to 1,254.49
tonnes on Feb.28, the lowest since August 2012. The fund
saw a record monthly outflow of 73.606 tonnes in February.
Gold prices are expected to go further down as a stronger
dollar and failed efforts to avoid the scheduled spending cuts
can push prices down.
Gold in India is also looking weak. However a weak rupee
after the budget can cape the prices.
Gold for April delivery on the Multi Commodity Exchange
(MCX) was down by 0.58% at INR 29,570/10gms
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