A dip in claims last week may signal a recovering US job market, boosting the case for the US Federal Reserve to continue tapering its monthly bond buying program, dimming the appeal of the bullion, which is a hedge against the inflationary risk of monetary stimulus.
Gold futures for February 2014 contract, at MCX, is trading at Rs. 29,034 per 10 grams, up by 0.04 per cent after opening at Rs. 29,049, against the previous closing price of Rs 29,019. It touched an intra-day high of Rs 29,068. (At 11:07 AM).
Dion Global Solutions Ltd.