Gold futures edge lower on subdued demand

Gold future traded down on MCX as investors and speculators exited positions in the precious metal tracking a subdued trend in the overseas market as prospects of continued tapering of QE by the Fed dimmed gold’s appeal as a hedge against the inflationary risk of monetary stimulus. The contract for June delivery was trading at Rs 27283.00, down by 0.33% or Rs 90.00 from its previous closing of Rs 27373.00. The open interest of the contract stood at 8823.00 lots. The contract for August delivery was trading at Rs 27138.00, down by 0.05% or Rs 13.00 from its previous closing of Rs 27151.00. The open interest of the contract stood at 4199.00 lots on MCX.