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Gold Futures Slip After Strong US Data
India gold rate fell on Friday tracking international gold prices on the back of strength in the US dollar. Positive US data also dampened investor sentiment in the international bullion markets.
However, prices were set for a second straight weekly gain. The bullion rose this week due to Greece political turmoil and weak trend in equity market.
International spot gold was at $1,224 an ounce. Strong U.S. retail sales and declining jobless claims signaled the Positive trend seen in the US economy, could prompt US Federal Reserve to raise interest rates, hurting gold sentiments even further.
At 3.10 pm IST, gold futures for February 2015 contract, at MCX, is trading at Rs. 27,190 per 10 grams, down by 0.25 per cent. It touched an intra-day low of Rs 27,054.
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