Gold Futures Turned Higher But Remains Five-and-a-Half Year Low Ahead of Key Data

Gold Futures Turned Higher But Remains Five-and-a-Half Year Low Ahead of Key Data

Gold futures turned higher in trading submitted on Tuesday, but remained close to five and a half years low in a continuous medium pressured by expectations that the Federal Reserve was on track to raise interest rates this year.

On the Comex division of the New York, Gold futures delivery in December inched up $3.90, or 0.36%, to trade at $1,093.30 a troy ounce. Spot gold slipped 0.2 per cent to $1,083.25 an ounce.

Investors stared up to the launch of key data for further indications about the time that a rate increase in the United States and the vigorous economy.

The USA. will release data on factory orders at 10:00 am ET Tuesday. Market participants are also focusing on payrolls report on Friday. The ADP employment report, considered a precursor of the non-farm data is due on Wednesday.

Data on Monday showing factory activity weakened in July and consumer spending grew at its slowest pace in four months in June has done little to alter expectations of a rate hike in September.

Gold lost nearly 7 percent in July, its highest monthly drop in two years, since the rate hike is coming boosted the dollar and encouraged investors to scale their exposure to bullion.

The Fed sounded more like optimistic about the economy after its policy meeting last week, having the door open for a boost in interest rates as soon as September.

Expectations of further debt ratios in the future is seen bearish for gold, as the precious metal strives to compete with the assets that support performance when rates are rising.

As speculators offloaded their positions, tracking a weak global trend Gold for futures delivery in August fell by Rs 161, or 0.65% to Rs 24,600 per ten gram at the Multi Commodity Exchange.

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