: Gold may fall in opening trades Friday after the dollar strengthened against other currencies and on subdued investment demand following exchange trade fund (ETF) outflows, said analysts.
"Gold prices will be down strong dollar and on subdued investment demand," said Ajay Kumar Kedia an analyst with Kedia Commodities.
Prices of the yellow metal will be under pressure as strong dollar against other currencies dents inventors' appetite for dollar denominated commodities, said analysts.
At 9:30AM dollar index, which measures the strength of greenback against its six major trading partners, rose 0.08% to 97.88.
Prices of the yellow metal will also be down on subdued investment demand following sharp drop in SPDR Gold Trust holding, said analysts.
Holdings of SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, fell to 667.93 tons on Thursday compared to 670.62 tons on Wednesday, its lowest level since September 2008.
Gold prices will also be under pressure ahead of United States nonfarm payroll data which may give Federal Reserve's stance on interest rate hike, said analysts.
United States jobless claims dropped indicating improving job scenario in the world's biggest economy.
Jobless claims came at 270,000 for the week ended Jul 31 lower than analysts' estimate of 273,000 and 267,000 a week ago, a government data showed.
On Tuesday, Dennis Lockhart, Federal Reserve President of Atlanta expressed his support for an interest rate hike in September.
Lockhart, a voting member of Federal Open Market Committee this year, said to Wall Street Journal that it would take 'significant deterioration' in the United States economy for him not to support a September rate hike.
In its latest policy review last month, the central bank reiterated its resolve to hike rates later this year as the economy was poised for expansion and labour market was expected to improve further. A pick-up in US economy, the world's biggest, augurs well for emerging market especially for exporting companies.
The central bank said it was seeing 'solid' job gains and maintained its view that economic activity was expanding 'moderately', with the risks to the outlook 'nearly balanced'.
On Thursday, gold for October delivery at the close of trades rose 0.39% to Rs 24,788 per 10 grams on the MCX.
Gold prices slipped 0.26% to $ 1,087.40 per ounce on the Comex exchange.
On Thursday, at the closing of trades Comex gold for October delivery rose 0.41% to $1,090.20 per ounce on the retreating US dollar and a tumble in global equities as traders awaited US employment data.
Investors are playing it cautious ahead of the monthly jobs report Friday, which could have a significant impact on the outlook for interest rates, said analysts.
MCX gold prices are likely to find support at Rs 24,571 per 10 grams while resistance is seen at Rs 24,957 per 10 grams today.
Comex gold prices are likely to find support at $1,083.90 per ounce while resistance is seen at $ 1,094.40 per ounce today.
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