Bullion ends tad higher ahead of jobs data
08/05/2015 09:29
Gold futures logged slim gains in the domestic market on Thursday as investors and speculators turned their attention to Friday’s key US non-farm payrolls data which may signal the health of the labour market in the world’s biggest economy, and have a bearing on the timing of a maiden Federal Reserve interest rate lift-off since 2006, prompting a cautious approach by traders.
The American economy probably added 230,000 jobs in April, following March’s 126,000, analysts reckoned.
Meanwhile, US jobless claims rose by a modest 3,000 last week, but hovered near the lowest level in 15 years, a sign that the long-term recovery in the job market remains on track.
A stronger dollar curbed the demand for gold as an alternative asset. Stronger greenback makes the yellow metal more expensive for those holding other currencies, thus dimming demand, trimming gains in Gold.
Gold futures may trade on a subdued today ahead of the US jobs data.
At the MCX, Gold futures for June 2015 contract closed at Rs 26,934 per 10 gram, up by 0.09 per cent after opening at Rs 26,912, against the previous closing price of Rs 26,911. It touched the intra-day high of Rs 27,040 till the closing.
08/05/2015 09:29
Gold futures logged slim gains in the domestic market on Thursday as investors and speculators turned their attention to Friday’s key US non-farm payrolls data which may signal the health of the labour market in the world’s biggest economy, and have a bearing on the timing of a maiden Federal Reserve interest rate lift-off since 2006, prompting a cautious approach by traders.
The American economy probably added 230,000 jobs in April, following March’s 126,000, analysts reckoned.
Meanwhile, US jobless claims rose by a modest 3,000 last week, but hovered near the lowest level in 15 years, a sign that the long-term recovery in the job market remains on track.
A stronger dollar curbed the demand for gold as an alternative asset. Stronger greenback makes the yellow metal more expensive for those holding other currencies, thus dimming demand, trimming gains in Gold.
Gold futures may trade on a subdued today ahead of the US jobs data.
At the MCX, Gold futures for June 2015 contract closed at Rs 26,934 per 10 gram, up by 0.09 per cent after opening at Rs 26,912, against the previous closing price of Rs 26,911. It touched the intra-day high of Rs 27,040 till the closing.
