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.

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Posted in Commodity, MCX

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