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Gold Drops After Strong US Jobs Data
Gold futures in India were seen trading lower tracking global cues weighed by strong US jobs data. Gold sentiment was weighed on hopes of more monetary stimulus from the central banks which can negatively impact on gold.
Analysts said that the drop in gold price was due to surge in equities and dollar after the reports of strong US jobs data.
At the Multi Commodity Exchange, gold for delivery in August eased to Rs 31,576 per 10 gram. The metal for delivery in far-month October recovered the day loses and was trading at Rs 32,045 per 10 gram.
Last week, gold surged to two year high after the Britain voted to exit from the EU as gold is considered as a hedge against the inflationary risk benefited from Brexit decision.l
International spot gold was seen trading at $1,357 an ounce.
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