Gold futures trade sluggish as investors look ahead to ECB, U.S. jobs data

Gold futures trade sluggish as investors look ahead to ECB, U.S. jobs data

Gold investors cut off holdings in bullion-backed funds most of this year as a boost dollar and equities braking demand for a haven. Image Source: http://bit.ly/1BCOsGY

In the international market, gold futures is trading sluggish on Tuesday. Gold has little changed as market players watched ahead of the next meeting of the European Central Bank, as well as key jobs data in the United States later in the week.

On the Comex, US gold futures for April delivery marked down from $ 1.00, or 0.08%, to trade at $ 1207.20 a troy ounce. Spot Gold for immediate delivery added 0.1 percent to $1,208.02 an ounce.

Investors focused attention on the next meeting of the European Central Bank on Thursday, when it is expected to announce details of its program of quantitative easing.

The operators also watched ahead to the launch of the latest US nonfarm payrolls report on Friday, for more indications on the strength of the recovery in the labor market.

Gold investors cut off holdings in bullion-backed funds most of this year as a boost dollar and equities braking demand for a haven.

Gold assets in exchange-traded products down by 7.1 tonnes as of Monday, most of December, according to data compiled by Bloomberg. Holdings dropped the last four days after touching a peak of almost five months in 1679.8 tons, February 24.

On Monday Gold prices rose, as China announced a second interest rate cut within three months and the US reported a slower growth rate of the economy than expected.

The dollar index, which measures the strength of the greenback versus a trade-weighted basket of six major currencies, was down 0.1% to 95.42 early Tuesday, after hitting an up to a month of 95.55 on Monday.

The rupee opened at 61.86 per dollar and touched a high and a low of 61.80 and 61.94 and closed weaker against the dollar on Tuesday as traders awaited fresh domestic and international cues to trade on after the long-awaited Union budget announcement on Saturday.

Gold futures prices in the international market have little increased as weak dollar. However, in the domestic market, gold is trading with the slowdown. MCX gold is sluggish and is trading at Rs 26,500.

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