Gold Futures Prices Edge Higher in Quiet Trade

Gold Futures Prices Edge Higher in Quiet Trade

Gold futures prices rose in quiet trading on Monday, as already optimistic US economic data strengthened expectations that the Federal Reserve raised interest rates at the December meeting and is likely to rise in 2018.

Comex gold futures were up 0.20% at $1,271.68 a troy ounce.

MCX Gold futures were up 0.21 per cent, or Rs 62, at Rs 29,150 per 10 gram.

The US Department of Labor said Friday that the US economy added 261,000 jobs in October, below expectations of 315,000 new jobs. The unemployment rate fell to 4.1%, the lowest level since December 2000.

However, some investors believe that the data is distorted by the recent hurricanes in the United States.

Shortly after the publication of the report, the US dollar rose thanks to optimistic orders from US factories and ISM non-manufacturing PMI data.

In Delhi Bullion prices was trading higher in morning trade on Monday on account of buying of precious metals by jewellers, industries and retailers.

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