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Bullion futures in Asia in 'recession mode'
US recession worries and reports of global economic slowdown led to a decline in bullion futures across Asian markets. In India, the gold market was in negative mood, as most traders and dealers said buyers were waiting for a correction in the prices of the yellow metal.
In major Asian markets, gold and silver declined as the dollar gained against the euro reducing the appeal of precious metals as alternative investments.
Bullion for immediate delivery traded $1.43, or 0.2 per cent lower at $881.74 an ounce in Singapore. Silver for immediate delivery lost 0.2 per cent to $16.12. Gold reached a record $914.30 an ounce January 14.
India's gold futures remain unattractive, as traders and dealers waited for more concrete signals from overseas.
Global gold that guides local prices, was slightly down on Monday after American President George Bush chalked out a plan to provide the economy temporary tax cut.
The February contract on the Multi Commodity Exchange of India Ltd (MCX) could find support at 11,060 rupees per 10 grams and an upside at 11,230 rupees. Open interest for February gold on MCX was 11,290 lots, up from 11,093 lots the previous session. Volume on Saturday was at 1.25 kg.
US recession worries and reports of global economic slowdown led to a decline in bullion futures across Asian markets. In India, the gold market was in negative mood, as most traders and dealers said buyers were waiting for a correction in the prices of the yellow metal.
In major Asian markets, gold and silver declined as the dollar gained against the euro reducing the appeal of precious metals as alternative investments.
Bullion for immediate delivery traded $1.43, or 0.2 per cent lower at $881.74 an ounce in Singapore. Silver for immediate delivery lost 0.2 per cent to $16.12. Gold reached a record $914.30 an ounce January 14.
India's gold futures remain unattractive, as traders and dealers waited for more concrete signals from overseas.
Global gold that guides local prices, was slightly down on Monday after American President George Bush chalked out a plan to provide the economy temporary tax cut.
The February contract on the Multi Commodity Exchange of India Ltd (MCX) could find support at 11,060 rupees per 10 grams and an upside at 11,230 rupees. Open interest for February gold on MCX was 11,290 lots, up from 11,093 lots the previous session. Volume on Saturday was at 1.25 kg.