Gold Dips As Investors Eye US Employment Data

Gold futures closed lower in the domestic market on Tuesday as investors looked ahead to a key U.S. employment reading due late this week.The gold prices have been held in a narrowing trading pattern for some while now and are waiting for some news to come out that prods the gold and silver prices into a strong move.

Higher interest rates tend to be dollar-supportive, cutting demand for dollar-priced gold for investors using other currencies. Higher rates also weigh on demand for gold, which doesn’t bear interest, in favor of yield-bearing investments.

At the MCX, gold futures for June 2017 contract ended at Rs 28719 per 10 grams, down by 0.63 per cent, after opening at Rs 28,949 against a previous close of Rs 28,900. It touched the intra-day low of Rs 28,712.

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Suhani Verma

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