Gold futures finished lower Tuesday, as traders locked in gains amid declining crude-oil prices and cautious trading ahead of the Federal Reserve''s decision on interest rates due tomorrow. Gold for December delivery closed down $4.80 at $787.80 an ounce on the New York Mercantile Exchange. Dollar-denominated currencies, such as gold, benefit when the U.S. currency drops. The dollar index, which tracks the U.S. unit against a basket of major currencies, was recently down 0.1%, with the euro earlier touching record highs at $1.4437.
MCX Gold contracts closed the session at Rs 10007 per 10 grams, the contract opened the session at Rs 10036, the contract touched an intra day high 10040 and a low of 9954. Gold warehouse inventories were unchanged at 7.3 million troy ounces, according to NYMEX data as of late Monday. Silver inventories rose by 310650 troy ounces to stand at 132.9 million troy ounces, while copper supplies stood at 19557 short tons.
UTI Gold ETF on 30 October 2007 was Rs. 1018.14, which showed a rise of 1.81% over NAV prevailing on 29 October 2007. NAV of Gold ETF- (G) of Kotak Mahindra on 30 October 2007 stood at Rs. 1019.45 over NAV as it was on 29 October 2007. Gold BeES of Benchmark Mutual Fund followed it with its NAV of Rs. 1006.2 falling 1.01% over 29 October 2007.
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