Gold steady near 10-month lows; awaits US jobs data

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Gold steady near 10-month lows; awaits US jobs data
Gold continued its losing streak and fell for the fourth day on Friday as investors preferred to step aside ahead of US jobs data which is due later today.

International gold was steady near its lowest point since May last year, as investors are looking for more cues which will decide the movement of the yellow metal. International gold was seen trading at $1,552 an ounce.

Gold was seen steady despite reports of Bank of Japan's unprecedented monetary stimulus and hopes for another European Central Bank rate cut. The huge monetary stimulus unveiled in Japan which saw the Japanese Nikkei gaining almost 4 per cent, failed to cheer gold.

However, ff the US jobs data turns to be positive, could prompt the U.S. Federal Reserve to end its bond buying program earlier than expected and could have an adverse impact on gold.

Domestically, gold futures opened lower on the Multi Commodity Exchange. Gold futures for April delivery was seen trading at Rs 29,332 per 10 grams lower by Rs 73 at 10.10 am IST.

Read more about: gold
Story first published: Friday, April 5, 2013, 11:08 [IST]
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