Gold futures rises on strong fund interest, U.S. economy in focus

 

Gold futures rises on strong fund interest, U.S. economy in focus

Later in the day, the US issued data on factory orders. The market participants also looked ahead of the last report US payrolls nonfarm on Friday, for further indications of the strength of the recovery in the job market. Image Source: http://bit.ly/1HRQfwa

US gold futures rose on Tuesday as market players stared forward at the publication of key data from the US beyond week for additional indications on the strength of the economy and the future trajectory of the monetary policy.

A tottering outlook for the world economy burnishing attractive bullion retreat, with holdings in the gold fund exceeds its highest standard by four months.

The faint data from the US to China and Europe dragged Asian shares in the red, increasing the outlook for gold, which is up 8 percent so far in 2015 after a fall two years.

Asian stock markets rose on Tuesday as the hopes of an agreement on the debt situation appetite for increased risk of Greece, while a strong rally over oil prices boosted commodity currencies like the Canadian dollar and the Norwegian krone.

On the Comex, gold futures for April delivery tacked on $ 7.30, or 0.57%, to trade at $ 1284.20 a troy ounce during European morning hours.

Spot gold was up 0.4 percent to $ 1,279.20 an ounce after trading almost flat in Asian morning.

Later in the day, the US issued data on factory orders. The market participants also looked ahead of the last report US payrolls nonfarm on Friday, for further indications of the strength of the recovery in the job market.

Market watchers expect the data that show the US economy added 234,000 jobs in January, slowing a gain of 252,000 in December, while it is expected that the jobless rate to hold steady at 5.6%.

US consumer spending registered its biggest drop since late 2009 in December, while factory activity was cooled down in January.

Such numbers followed by data last week showed a slowdown in US economic expansion of 2.6 percent in the fourth quarter of 5 percent in July-September.

The rupee was quoted higher against the dollar on Tuesday, but was little changed, even if the yield on the benchmark 10-year note rose after the Reserve Bank of India (RBI) kept the benchmark rate unchanged but reduced the amount of securities that banks have to maintain.

Gold futures down  in morning trade amid a weak global trend. At the Multi Commodity Exchange, gold prices for delivery in far-month April fell by Rs 56, or 0.20%, to Rs 27,610 per 10 grams.

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