Gold futures little changed ahead of US jobless claims data
Posted By: Religare
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Gold futures fell in the domestic market on Thursday as investors and speculators were cautious over booking fresh positions in the precious metal ahead of data that may show that US jobless claims fell last week, boosting the case for the US Federal Reserve to start tapering QE sooner than later, dimming the outlook for the bullion, which is a hedge against the inflationary risk of monetary stimulus.
US jobless claims probably fell to 340,000 last week from 358,000 in the prior week, according to analysts' estimates.
Gold futures for December 2013 contract, at MCX, were trading at Rs. 30,218 per 10 grams, up by 0.16 per cent after opening at Rs. 30,175, against the previous closing price of Rs 30,171. It touched an intra-day high of Rs 30,261. (At 11:53 AM).