Gold futures trades steady as investors awaited U.S. jobs data

Gold futures trades steady as investors awaited U.S. jobs data

Gold futures traded steady as investors awaited data on employment, consumer confidence and durable goods orders later on Wednesday for clues about prospects for US monetary policy

Recently strong US data has nurtured speculation that the Federal Reserve may soon raise interest rates. The United States government improved its reading in the third quarter gross domestic product of 3.9 percent on Tuesday.

US government reports showed today, the number of Americans filing new claims for unemployment benefits rose to the highest standard since early September last week, while orders for US business teams fell unexpectedly in October.

The economic reports today may help ease concerns that the Federal Reserve will soon raise the interest rates, said bullion experts.

The divergence between the monetary policy of the Fed and other central banks is viewed as the rising dollar, while higher interest rates increase the opportunity cost of maintaining bullion no performance.

Spot gold was down 0.4 percent to $ 1,195.30 an ounce by 1311 GMT, while US futures gold for delivery in December dropped $ 2.50 to $ 1194.60 an ounce.

US gold futures for February delivery rose 0.1 percent to $ 1,199.30 an ounce on the Comex in New York as U.S. Jobless claims rise .

“A light edge in the domestic market in gold and silver. While in international market have a light pressure. Notably, in the first 15 days of November, about 102 tonnes of gold was imported. Where as 150 tonnes of gold was imported in the previous month. During the entire month that gold imports are estimated to grow again. With mild gains on MCX gold is trading close to Rs 26,362.”  said 100McxTips bullion experts.

Net imports of China Gold at Hong Kong main conduit reached a seven-month high in October, while gold saw some purchasing interest in Asia overnight. Amid a note though that was not enough to push much higher prices for gold, said bullion experts.

For latest commodity market tips, MCX tips, news & updates  with 100McxTips, for latest updates follow us on Twitter @100mcxtips and Like on Facebook.  And to contact the reporter on this story email at support@100mcxtips.com or Call: +91-761-4012307

Free trial commodity tips

Advertisements

100McxTips is an experienced Mcx Commodity Research Advisory to predict investors buying and trading trends at various market environments. For free trial advisory on commodity Gold, Silver, Crude, Copper and all Indian Commodities kindly visit us and submit an query form at 100mcxtips free trial tips here.

Posted in Commodity, MCX

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Free Crude Oil Tips
Free Trial Crude Trading Tips
Contact & Visit Info
+91-761-4012307
M-Sat : 10am - 7pm
NG Trading Tips
Free Trial Commodity Tips
Disclaimer: 100McxTIps would like to remind you that the data contained in this website is not necessarily real-time nor accurate. Bulloin Futures prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore 100McxTips doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
%d bloggers like this: