Yellow metal edges lower ahead of US jobs data
05/12/2014 11:18
Gold futures fell in the domestic market on Friday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market ahead of data today which may show that the world’s biggest economy added more than 200,000 jobs for the tenth straight month in November, signaling an improving US job market, raising bets that the US Federal Reserve may tighten interest rates sooner than earlier expected, dimming the appeal of gold as a store of value. Thursday’s labour market data showed that the number of Americans seeking applications for unemployment benefits fell by 17,000 to 297,000 in the week ended November 29, 2014. Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,224 per 10 grams, down by 0.47 per cent, after opening at Rs. 26,253, against the previous closing price of Rs 26,349. It touched an intra-day low of Rs 26,220. (At 11:12 AM).
05/12/2014 11:18
Gold futures fell in the domestic market on Friday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market ahead of data today which may show that the world’s biggest economy added more than 200,000 jobs for the tenth straight month in November, signaling an improving US job market, raising bets that the US Federal Reserve may tighten interest rates sooner than earlier expected, dimming the appeal of gold as a store of value. Thursday’s labour market data showed that the number of Americans seeking applications for unemployment benefits fell by 17,000 to 297,000 in the week ended November 29, 2014. Gold futures for December 2014 contract, at MCX, is trading at Rs. 26,224 per 10 grams, down by 0.47 per cent, after opening at Rs. 26,253, against the previous closing price of Rs 26,349. It touched an intra-day low of Rs 26,220. (At 11:12 AM).
