MCX Gold Tips: Gold futures were trading with slim losses in the domestic market on Thursday as investors and speculators stayed cautious ahead of US jobless claims and business activity data which may show a strengthening recovery in the world’s biggest economy, bolstering the case for the US Fed to keep tightening interest rates next year, after the maiden lift-off since 2006 earlier this month, dimming the lure for the precious metal as a store of value.
While US jobless claims likely stayed near a four-week low last week, a gauge of business activity in the US probably shrank at a weaker pace with the Chicago PMI tipped to rise to 49.8 in December from 48.7 in November, data may show today.
Further, trading volumes may remain thin ahead of the New Year.
At the MCX, Gold futures for February 2016 contract is trading at Rs 24,960 per 10 gram, down by 0.09 per cent after opening at Rs 25, 009, against the previous closing price of Rs 24,982. It touched the intra-day low of Rs 24,955 (At 11:26 AM).
While US jobless claims likely stayed near a four-week low last week, a gauge of business activity in the US probably shrank at a weaker pace with the Chicago PMI tipped to rise to 49.8 in December from 48.7 in November, data may show today.
Further, trading volumes may remain thin ahead of the New Year.
At the MCX, Gold futures for February 2016 contract is trading at Rs 24,960 per 10 gram, down by 0.09 per cent after opening at Rs 25, 009, against the previous closing price of Rs 24,982. It touched the intra-day low of Rs 24,955 (At 11:26 AM).
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