Gold stays flat ahead of payrolls

MoM Team / Mumbai, Feb 03, 09:47 AM

Gold futures are trading flat as cautiousness in the markets ahead of the nonfarm payrolls data pushed the Asian equities lower and Dollar little higher.



The U.S. dollar traded with a modestly firmer tone in the Asian morning Friday, as risk positions were pared and major FX pairs were confined to narrow ranges, as is usually the case before the release of U.S. non-farm payrolls data.



Comments by Dallas Federal Reserve Bank President Richard Fisher helped lift risk pairs off their initial lows but follow-through was lacking and the rebounds were generally limited ahead of tonight's January employment report.



Fisher said the introduction of the so-called QE3 monetary easing is not justified, adding that he wants an exit strategy instead.



Asia markets lost ground on Friday, as investors digested a raft of earnings reports and remained cautious ahead of the key U.S. jobs report due out later in the day. South Korea's Kospi gave up 0.7%, and China's Shanghai Composite dropped 0.4%. Japan's Nikkei Stock Average, Australia's S&P/ASX 200 index and Hong Kong's Hang Seng Index each lost 0.3%.



An ounce of gold on COMEX division of New York Mercantile Exchange is trading flat at $ 1759. MCX April gold futures are expected to start below Rs 28470 with supports around Rs 28390 levels.



 

Source: Capital Market