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Gold slides on robust US jobs data

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 Gold slides on robust US jobs data
Gold lost more then 2 per cent in the international markets as the better then expected jobs data send the metal crashing.
 

Worries that the better then expected data may push the US Federal Reserve to taper its bond buying programme in December, pushed international gold prices lower.

According to a Reuters report spot gold was last down 1.8 percent to $1,284 an ounce. The metal fell 2.3 percent for the week, its second consecutive weekly loss. U.S. gold futures for December delivery settled 1.8 percent lower at $1,284.60 an ounce.

On the MCX gold for December delivery was down at Rs 29,705. Silver on the other hand also lost ground falling by Rs 296 at Rs 48,144.

Gold is expected to continue to swing each time there are talks of quantitative easing tapering in the United States. In India much would also depend on the how the rupee does, given that last week it has showed some signs of weakness.

GoodReturns.in

Story first published: Saturday, November 9, 2013, 10:55 [IST]
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