Free Commodity Tips - Gold Slips on Bullish US Data in the Domestic Market

indore, February 29, 2016 (Newswire.com) - Free Commodity Tips - Gold futures tumbled in the domestic market on Friday tracking a bearish trend in the overseas market as a stronger dollar curbed the appeal of the yellow metal as an alternative asset.Stronger greenback makes gold more expensive for those holding other currencies, thus dimming demand.Robust US economic data signaled strength in the world’s biggest economy, raising speculation that interest rates may rise sooner than earlier expected, dimming the lure for the bullion as a store of value.

While US economic growth for the fourth quarter was revised upwards to 1 per cent annualized pace from an earlier 0.7 per cent, the Fed’s preferred inflation gauge rose by the most since October 2014, up 0.1 per cent in January 2016 from the previous month and 1.3 per cent from the same month a year ago, raising the case for a continuation of rate tightening.Gold may fall today as safe haven appeal ebbs after the G20 leaders committed to use fiscal policy to bolster economic growth and job creation.

At the MCX, Gold futures for April 2016 contract closed at Rs 29,337 per 10 gram, down by 1.47 per cent after opening at Rs 29,650, against the previous closing price of Rs 29,774. It touched the intra-day low of Rs 29,152.

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