Yellow Metal Little Changed On Uninspiring Economic Data

Gold futures were little changed during afternoon trade in the domestic market on Monday as investors and speculators extended their positions in the precious metal on rising safe-haven demand buoyed by tepid US economic data and dovish remarks from the US Fed official on Friday.

The US consumer spending hardly surge in February amid delays in income tax refunds payment, however, the biggest annual rise in inflation in nearly 5 years supported expectations of further interest rate hikes this year.

Meanwhile, St. Louis Fed President James Bullard said on Friday that, the Fed could pause interest rate hikes when it begins shedding its bond holdings, a move that would have little effect on financial markets.

At the MCX, gold futures for April 2017 contract is trading at Rs 28490 per 10 grams, up by 0.09 per cent, after opening at Rs 28404, against a previous close of Rs 28463. It touched the intra-day high of Rs 28510.

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Suhani Verma

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