Gold Stanstill Around Two Month Low, Nonfarm Awaited

capital market | Mumbai | October 06, 2017 17:52 IST

Gold Stanstill Around Two Month Low, Nonfarm Awaited

COMEX Gold stayed glued to two month low as markets waited for the key US nonfarm payrolls data today. Global economic cues have been upbeat and equities are enjoying a record run in US, keeping Gold bulls at bay. New orders for US manufactured goods rebounded by slightly more than anticipated in the month of August, according to a report released by the Commerce Department on Thursday. The report said factory orders jumped by 1.2% to $471.7 billion in August. Supportive economic data boosted sentiments for US equities. The major US averages extended a recent upward trend, once again reaching new record closing highs yesterday. Asian markets also added good gains while European equities are trading mixed. COMEX Gold futures currently trade at $1270 per ounce, down 0.25% on the day. MCX Gold futures are trading at Rs 29400 per 10 grams, almost unchanged on the day after testing lows near Rs 29310 per 10 gram levels earlier.

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