Gold futures flat ahead of US jobs data

Posted By: Religare
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Gold futures flat ahead of US jobs data
Gold futures were trading on a flat note in the domestic market on Friday as investors and speculators stayed cautious over booking fresh positions in the precious metal tracking a weak trend in the overseas market ahead of data which may show that the world's biggest economy is gaining steam, raising bets of a rise in interest rates in the US in the near-term, dimming the appeal of the bullion as a store of value.

The US economy may have added more than 200,000 jobs for a sixth straight month in July, a report may show today.

Gold futures for August 2014 contract, at MCX, is trading at Rs. 27,825 per 10 grams, up by 0.03 per cent, after opening at Rs. 27,845, against the previous closing price of Rs 27,818. It touched an intra-day high of Rs 27,863. (At 11:16 AM).

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