Gold futures tad higher ahead of jobless claims data

Posted By: Religare
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Gold futures tad higher ahead of jobless claims data
Gold futures were trading with slim gains in the domestic market on Thursday as investors eyed the release of the weekly US jobless claims numbers due later today which may offer further cues over the health of the labour market in the world's biggest economy.

A dip in claims last week may signal a recovering US job market, boosting the case for the US Federal Reserve to continue tapering its monthly bond buying program, dimming the appeal of the bullion, which is a hedge against the inflationary risk of monetary stimulus.

Gold futures for February 2014 contract, at MCX, is trading at Rs. 29,034 per 10 grams, up by 0.04 per cent after opening at Rs. 29,049, against the previous closing price of Rs 29,019. It touched an intra-day high of Rs 29,068. (At 11:07 AM).

Dion Global Solutions Ltd.

Read more about: gold, gold futures, us jobless data, hedge, qe3
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