Gold futures dip ahead of US GDP data

Posted By: Religare
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Gold futures dip ahead of US GDP data
Gold futures were trading lower in the domestic market on Wednesday tracking a weak trend in the overseas market as investors and speculators stayed cautious ahead of key US economic data including durable goods orders, services PMI and Q1 GDP data which may offer further cues over the health of the world's biggest economy.

Weaker than expected economic data may boost the case for continued accommodative monetary policy by the US Federal Reserve, bolstering the outlook for the precious metal as a store of value.

Gold futures for June 2014 contract, at MCX, is trading at Rs. 27,652 per 10 grams, down by 0.28 per cent, after opening at Rs. 27,700, against the previous closing price of Rs 27,731. It touched an intra-day high of Rs 27,700. 

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