Gold Futures Prices Slips Lower Ahead of Markets Focus on U.S. Data

Gold Futures Prices Slips Lower Ahead of Markets Focus on U.S. Data

Prices of US gold futures fell lower on Friday, as the markets focused their attention on the forthcoming report on non-farm US payrolls find more references on whether or not the Federal Reserve will raise interest rates later this year.

On the Comex, gold futures for Dec delivery were down 0.24% at $1,314.05, just off the 4-day high of 1,319.45 hit overnight.

Gold advanced 0.39 per cent to USD 1,313.60 an ounce in New York yesterday.

Prices of gold briefly strengthed thanks to a US dollar weaker after the Institute for Supply Management said Thursday its index of manufacturing activity fell to 49.4 last month from a reading of 52.6 in July.

It was the worst reading since January and failed with the expectations of a slight fall to 52.0.

The report came shortly after data showed that US initial jobless claims increased by 2,000 last week 263,000, compared to expectations of an increase 4000-265000.

Market players were being watched US NFP report due Friday afternoon for more indications on strength of the labor market after Fed Vice President Stanley Fischer said earlier this week that the labor market in the US is almost all its strength and the pace of interest rate increases will be data dependent.

In Delhi gold prices recovered by Rs 20 to Rs 30,970 per 10 grams at the bullion market today on positive global cues.

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