Gold Prices Lower on Weak Global Demand; Nonfarm Payroll Data Eyed

Gold Prices Lower on Weak Global Demand
Gold futures fell on Thursday as demand from traders fell, as they looked at US employment data to gauge how this affected the Fed’s monetary policy stance.

Comex gold futures for August were at $1,265.72 a troy ounce, down $6.10, or about 0.5%.

A the MCX Gold was down 0.19 per cent, or Rs 54, at Rs 28,383 per 10 gram.

Gold has been well supported in recent weeks, reaching its highest level since June 14 early at $ 1,273.30 this week, and expectations for a third rate hike of this year, the Federal Reserve with the increase in excitement strengthened the policy of The White House of attractive precious metal.

Investors are focusing on the following data on non-farm payrolls in the United States in search of new indicators on the timing of reducing the balance of payments of the Federal Reserve and its ability to raise interest rates again this year.

The demand for physical gold is weak, with the latest holdings in the largest fund, backed with gold in the trade market, Gold Spyder Troost, fell more than 7 per cent in July, the largest monthly inflow since April, 2013.

Demand for gold in India rose 37 percent to 167.4 tonnes in April-June 2017, boosted by seasonal demand and improved rural sentiment, the World Gold Council said in a report.

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