Gold Prices Steady With Investors Cautious Before US Payrolls

Gold Prices Steady With Investors Cautious Before US Payrolls

Prices of gold was steady on Friday set for a weekly rise and holding in its biggest quarterly gain in almost 30 years as investors remain cautious ahead of jobs data in the United States highly anticipated due to the end of day.

On the Comex Exchange, gold futures for June delivery were little changed at $1,235.50.

Spot gold was steady at $1,230.61 an ounce, following a 0.6 percent rise overnight.

Investors hope the publication of non-farm US payrolls and unemployment figures on Friday afternoon for more indications about the strength of the job market.

On Thursday, the US Labor Department said the number of individuals applying for initial jobless benefits in the week ending March 26 rose by 11,000 to 276,000 of the total 265,000 the previous week. Analysts were expecting unemployment claims to hold steady 265,000 last week.

The US dollar index, which measures the greenback force against a weighted basket of six major currencies, was steady at 94.60, not far from five-month low of 94.30 on Thursday.

Gold has risen 1.2 percent so far this week, which included the closure from Thursday its strongest quarterly showing since 1986, a jump of 16 percent, which means lower overall growth expectations new increases in interest rates in the US this year. A fall in global equity market also triggered safe-haven demand for the metal.

Bullions are sensitive to growing rates, which raise the opportunity cost of holding assets not yield, while increasing the dollar.

Earlier sharp decline in the demand for gold. GFMS said in its report that the demand for gold in India in January-March was nearly 65 per cent.

With a decline of 0.15 per cent on MCX gold is trading around Rs 28500.

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