Gold futures prices fall after upbeat U.S. trade data

Gold futures prices fall after upbeat U.S. trade data

On the Comex, gold futures delivery in August slashed $5.60, or 0.47%, to trade at $1,188.80 a troy ounce. Image Source: http://bit.ly/1FTGcCY

Prices of gold futures fell to the lowest levels of the session on the Wednesday, after a series of optimistic data strengthened the case for rising U.S. interest rates this year to boost the dollar.

On the Comex, gold futures delivery in  August slashed $5.60, or 0.47%, to trade at $1,188.80 a troy ounce.

The DOC said the US trade gap fell by 19.2% in April to $ 40.88 billion from a deficit of $ 50.57 billion in March. Analysts hoped that the US trade gap narrows to $ 44.0 billion in April.

United States exports rose 1% to $ 189.91 billion in April, while imports fell 3.3% to $ 230.78 billion.

The report came after payroll processing firm ADP said non-farm private employment increased by 201,000 in May, right above expectations for a 200,000 increase. The economy added 165,000 jobs in April.

Gold is in disgrace. Investors reduced holdings in exchange-traded products backed by bullion to the lowest rate since 2009, as emerging markets demand hurt the United States and China and the outlook of rising US interest rates boosted the dollar.

Assets in the SPDR Gold Trust, the biggest bullion-backed ETP, fell 0.6 percent to 709.9 tonnes on Tuesday, the lowest level since Jan. 14, according to Bloomberg data. The ETP hit rock bottom in this year 704.8 tonnes on January 7th, 48 percent below its 2012 peak.

At domestic front, Gold futures prices on MCX were trading flat. In MCX Gold August futures was trading at Rs 27,145 up Rs 3, or 0.01 percent.

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