Gold futures subdued as US jobs data looms

Posted By: Religare
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Gold futures subdued as US jobs data looms
Gold futures were trading on a flat note in the domestic market on Friday as investors and speculators remained on the sidelines ahead of the US payrolls data for the month of October which may offer clues over the timing of the Federal Reserve's stimulus tapering plan.

A weaker than expected payrolls report may boost the case for delaying QE tapering, supporting the precious metal, a hedge against the inflationary risk of monetary stimulus.

At the same time, Thursday's data showed that US economic growth accelerated in Q3, 2013, resulting in selling pressure in the precious metal.

Gold futures for December 2013 contract, at MCX, were trading at Rs. 29,915 per 10 grams, down by 0.02 per cent after opening at Rs. 29,986, against the previous closing price of Rs 29,920. It touched an intra-day low of Rs 29,893. (At 10:56 AM).

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