Gold futures lower amid improving US economic outlook
Posted By: Religare
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Gold futures were trading with slim losses in the domestic market on Monday as investors and speculators stayed cautious over booking fresh positions in the precious metal as US economic data pointed to strength in the world's biggest economy, raising bets that the US Federal Reserve may continue paring QE, dimming the appeal of the bullion, a hedge against the inflationary risk of monetary stimulus.
US employers added over 200,000 jobs for the month of July, consumer spending in the US rose the most in three months in June while manufacturing activity accelerated in July 2014.
Gold futures for August 2014 contract, at MCX, is trading at Rs. 28,030 per 10 grams, down by 0.09 per cent, after opening at Rs. 28,035, against the previous closing price of Rs 28,054. It touched an intra-day low of Rs 28,000. (At 11:08 AM).