Gold trades flat, investors cautious ahead of US data

Posted By: Money
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    International gold on Friday was seen heading towards biggest weekly gain in 10 months supported by rise in oil prices.

    However, investors are cautious ahead of U.S. jobs report that could decide the further direction of the yellow metal. Any positive report indicating US economic strength will prompt the Federal Reserve's to raise interest rates in monetary policy. Any rise in interest rates will dampen the gold sentiment. International spot gold was seen at $1,204 an ounce.

    Gold trades flat, investors cautious ahead of US data

    On Thursday, the European Central Bank said that it will take decision next year on whether to increase its stimulus, hinting that rates will not be pressured lower until next year.

    Gold futures were seen trading lower in domestic market on Friday as investors and speculators exited positions tracking a weak global trend.

    Gold futures on the Multi Commodity Exchange was seen trading lower by Rs 41 at Rs26,308 per 10 grams at 3.10 pm IST. It touched an intra-day low of Rs 26,220 per 10 grams during the trade.

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