Gold Futures Prices Slip On Global Cues, Eyes on U.S. Data

Gold Futures Prices Slip On Global Cues, Eyes on U.S. Data

Prices of US gold futures remained stable on Friday, as one US dollar higher, and investors have remained cautious ahead of the US retail sales and consumer confidence data and an address by the Federal Reserve President Janet Yellen, due to the late in the day.

In addition, a weak trend overseas and the drop in demand from jewelers and traders in the domestic spot market in particular put pressure on the prices of precious metals.

On the Comex Exchange, gold futures for December delivery were little changed at $1,257.35.

Globally, gold fell 0.21 per cent to $1,255.10 an ounce in Singapore.

The dollar continues to supported by the minutes of the September policy meeting the Federal Reserve released on Wednesday, showed that several voting members of the policy committee judged a rate hike would be justified “relatively soon” if the US economy continued to strengthen.

The US Dollar was also assisted by data showing that US initial unemployment claims on Thursday held steady at 246,000 in the week ended Oct. 8 Analysts are expecting unemployment claims to increase by 8,000.

The US dollar index, which measures the strength of the greenback against a trade-weighted basket of six major currencies, rose 0.30% to 97.83, just off seven months on Thursday 98.12.

In Delhi bullion market Gold prices drifted lower by Rs 100 to Rs 30,300 per 10 grams at the bullion market on Friday amid a weak global trend

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