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Gold closes higher on strong global cues

By Religare
|

Gold futures ended higher in the domestic market on Wednesday after data showed that US non-farm private employment rose less than expected in July, dampening optimism over the strength of the economy and fanning hopes that the Federal Reserve could delay raising interest rates until the very end of 2015. Payroll processing firm ADP said earlier that non-farm private employment rose by 185,000 last month, below expectations for an increase of 215,000. Market players were also waiting for Friday's US nonfarm payrolls report. The consensus forecast is that the report will show jobs growth of 223,000. Gold is likely to trade higher today with the focus ahead on US jobs data at the end of the week. At the MCX, Gold futures for August 2015 contract closed at Rs 24,705 per 10 gram, up by 0.12 per cent after opening at Rs 24,535, against the previous closing price of Rs 24,675. It touched the intra-day high of Rs 24,706.

Story first published: Thursday, August 6, 2015, 12:20 [IST]
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