Gold Eases Near One Week Low On Rising Risk Appetite

COMEX Gold futures fell today as rising risk appetite curbed the appeal for the commodity. Global equities edged up in quite trades on Monday. Bond yields rose in euro zone after plummeting to record low. Traders focused on prospect of fiscal stimulus in Germany. Peoples Bank of China said it would use market-based reform methods to help lower real lending rates and prop up a slowing economy. Gold eased near a one week low of $ 1503 per ounce amid these cues and currently trades at $ 1509 per ounce, down around 1% on the day. MCX Gold futures are also down 0.62% at Rs 37704 per 10 grams as traders are factoring in the possibility of a near term contraction in demand.