Yellow Metal Little Changed On Overseas Cues

Gold futures were little changed during the evening trade in the domestic market on Wednesday as investors and speculators cut down their positions in the precious metal amid caution ahead of Friday’s US jobs data which may offer further clues over whether the US Fed will raise interest rates in the near-term or not.

 

 The US economy may have added 180,000 workers in August after a 255,000 increase in headcount in July. Robust August jobs data may strengthen the case for the world’s top central bank to hike borrowing costs as early as next month, curbing the lure for the precious metal as a store of value.

 

At the MCX, gold futures for October 2016 contract is trading at Rs 30,796 per 10 grams, down by 0.08 per cent, after opening at Rs 30,840, against a previous close of Rs 30,821. It touched the intra-day low of Rs 30,762.

 

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