Gold Futures Prices Trade Flat Onto Modest Gains Despite Dollar Strength

Gold Futures Prices Trade Flat Onto Modest Gains Despite Dollar Strength

Gold futures prices rose on modest gains on Thursday, although the US economic reports optimistic pushed the dollar to rise, where investors are still waiting for comments by a number of Fed officials later in the session.

Comex gold futures were up $2.98, or about 0.24%, at $1,279.87 a troy ounce, still within close distance of Tuesday’s eight-week low of $1,271.00.

MCX Gold futures were trading at Rs 29,290 ahead of the key US non-farm payrolls data to be released on Friday.

The US dollar found support after the US Department of Labor said initial jobless claims fell more than expected to 260,000 last week.

Another report showed that the US trade deficit narrowed in August and exports reached their highest level in two and a half years.

Federal Reserve Chairman Patrick Harker told a news conference in Austin, Texas, that he was still planning to raise interest rates this year and three next year.

The dollar index, which measures the strength of the dollar versus a basket of six major currencies, rose 0.27% to 93.56, not far from a one-and-a-half month high of 93.78.

Gold prices will remain volatile in the coming sessions, and are likely to see price declines, while the gold price of MSX will be supported by the weaker rupee, the trend is still weak in the counter.

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