Gold futures dip ahead of ECB decision

Posted By: Religare
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Gold futures dip ahead of ECB decision
Gold futures were trading lower in the domestic market on Thursday as investors and speculators stayed cautious over booking fresh positions in the precious metal ahead of the policy decision of the European Central Bank (ECB) later today, where it may cut interest rates to a record low and announce further credit loosing measures to stem the threat of deflation in the 18-member Euro area economy.

All eyes are on the US jobs data for the month of May to be released tomorrow which may signal the health of the US labour market and shape the outlook for the Federal Reserve's stimulus rollback plan.

Gold futures for June 2014 contract, at MCX, is trading at Rs. 26,615 per 10 grams, down by 0.09 per cent, after opening at Rs. 26,615, against the previous closing price of Rs 26,639. It touched an intra-day low of Rs 26,615. (At 10:22 AM).

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