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Gold drops ahead of US jobs report

By Religare
|

Gold prices fell by 0.02 per cent on Friday with reluctance to take positions ahead of US jobs data seen as key for a decision by the Federal Reserve to raise rates next month. Commodity traders were hesitant to make any major moves ahead of Friday's October jobs report from the US Department of Labor's Bureau of Labor Statistics. Gold futures for December 2015 contract, at MCX, were trading at Rs. 25,835 per 10 grams, down by 0.02 per cent after opening at Rs. 25,815 against the previous closing price of Rs. 25,841. It touched the intra-day low of Rs. 25,800 till the trading. (At 12.00 PM today).

 

Further, a stronger dollar reduced the appeal of Gold as an alternative asset. Stronger greenback makes the bullion expensive for those holding other currencies, thus reducing demand.

Story first published: Friday, November 6, 2015, 23:00 [IST]
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