Futures Market News
Gold futures projected to fall in London
Apr 06, 2012 12:08 PM
Gold futures are likely to decline on markets in London on Friday amid anticipation that economic data from the U.S. will augment positive sentiment about growth and development in the nation hosting the globe's largest economy, according to Bloomberg.
With U.S. markets closed in observation of Good Friday, one significant development for gold prices is the jewelers strike in India being suspended, according to The Wall Street Journal. The chair of an Indian trade association said a meeting with the finance minister of the subcontinent prompted protest organizers to lift the demonstration until May 11.
The finance minister is expected to make "some favorable announcement" at the Indian Parliament by that point, the trade federation leader said after meeting with the minister on Friday.
Indian prices of gold futures fell by roughly $20 per troy ounce during the protest as a result of reduced demand from retailers and wholesalers after the minister announced tariffs on gold during a mid-March budget speech.
Gold futures were trading at about $1,631.50 per troy ounce shortly after 7 a.m. New York time on Friday.
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