Gold futures fell in the domestic market on Thursday as investors and speculators exited positions in the precious metal tracking a weak trend in the overseas market amid caution ahead of US economic data which may signal a rebound in the world's biggest economy following a massive contraction in Q1, raising bets of continued QE taper by the US Federal Reserve, dimming the appeal of gold, a hedge against the inflationary risk of monetary stimulus.
US jobless claims may have ticked lower last week while consumer spending likely rebounded in May.
Gold futures for August 2014 contract, at MCX, is trading at Rs. 27,674 per 10 grams, down by 0.28 per cent, after opening at Rs. 27,703, against the previous closing price of Rs 27,751. It touched an intra-day low of Rs 27,635.