Gold Prices Continuous Weaker in Asia, Yuan Eyed as Buying Cue

Gold Prices Continuous Weaker in Asia, Yuan Eyed as Buying Cue

Gold futures prices fell in Asia on Friday as investors watched the yuan closely after rising to a seven-month high on Thursday on signs that the stronger currency could buy some bullion.

Gold futures for June delivery on the Comex Exchange fell 0.13%, to $1,265.35 a troy ounce.

Globally, gold fell 0.29 per cent to $1,261.70 an ounce and silver by 0.35 per cent to $17.21 an ounce in Singapore.

In Delhi Gold price drifted lower by Rs 100 to Rs 29,250 per 10 grams.

It is expected that the non-farm payrolls report the US economy creating 185 000 jobs last month, it shows on Friday and will be watching closely as he was the final jobs report before the FOMC meeting of the Fed in June.

According to, 90% of traders expect the Federal Reserve to raise its benchmark interest rate in June from 0.75-1% to 1-1.25%.

The price of gold fell on Thursday after a surge in the dollar after a rise in the number of private sector jobs created by the US economy last month, to be optimistic tone ahead of the publication of the monthly jobs report, which closely monitors on Friday.

Employers added 253,000 jobs in May, according to salary salary transactions, well above Wall Street’s expectations of a 185,000 rise.

In a separate report, manufacturing activity in the United States rose to 53.5 in May, the Supply Management Institute said on Thursday. Economists had expected a rise to 52.8.

A reading above 50 indicates that the industrial economy generally expands; less than 50 indicates that it is generally contracted.

At the same time, spending fell in the construction sector increased by 1.4% for the month, the biggest decline in the year, below expectations, down 0.2%.

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