Yellow metal in reverse gear ahead of US jobs data

Gold futures were trading lower during afternoon trade in the domestic market on Friday as investors and speculators exited their positions in the precious metal on diminishing safe-haven demand due to an uptick in the US dollar ahead of the US non-farm payrolls data due later in the day. 

 

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At the MCX, gold futures for April 2017 contract is trading at Rs 28269 per 10 grams, down by 0.62 per cent, after opening at Rs 28350, against a previous close of Rs 28446. It touched the intra-day low of Rs 28260.

                          Trading Ideas

*Gold trading range for the day is 28287-28677.

*Gold dropped amid increasing confidence the Federal Reserve will raise interest rates at its upcoming policy meeting next week.

*The ADP National Employment Report showed its biggest increase in over a year in February, suggesting the U.S. economy remains on solid ground.

*Holdings of the SPDR Gold Trust (GLD), the world's largest gold-backed exchange-traded fund, fell 0.32 percent on Thursday