Gold futures fell in the domestic market on Today as investors
and speculators exited positions in the precious metal amid speculation that
the US Federal Reserve may start tapering its USD 85 billion monthly bond
buying program when it meets next week, dimming the appeal of the precious metal,
which is a hedge against the inflationary risk of monetary stimulus. Russia and
the US will today meet to discuss a diplomatic solution to the Syria crises by
discussing a plan for the country to give up chemical weapons, diminishing the
possibility of a military strike, dampening safe haven demand for the yellow
metal.
Sentiment weakened further after Thomson Reuters GFMS said that global
gold demand may dip to 2,237 tons in the second half of 2013 from 2,309 tons in
the same period a year ago as bar buying declines. Gold futures for October
2013 contract, at MCX, were trading at Rs. 30,565 per 10 grams, down by 0.38
per cent after opening at Rs. 30,551, against the previous closing price of Rs
30,682. It touched an intra-day low of Rs 30,420.
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