Gold mixed in Asia, looks for more clues
Mcx Ncdex Commodity Trading Tips
Gold prices were mixed in Asian trade Friday ahead of a key US jobs data while ETF gold eased.Gold for immediate delivery was seen trading at $1249.64 an ounce at 12.00 noon Singapore time while US gold futures for December delivery was at $1251.7 an ounce at the same time.
Analysts said the US jobs data are likely to show negative trends that may dampen safe haven appeal of the bullion.However some analyst said a weak US labour market report could trigger a new round of safe-haven gold buying.Investors tend to favor physically backed bullion products as a haven from risk in times of economic or financial market uncertainty, they said.
Meanwhile, holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, fell for the first time in a week on Thursday with a sizable decline of 9.12 tons, the largest one-day drop since late July.Gold futures on Thursday closed less than half a percentage point away from their record high, resuming their climb as investors continued to use the metal as a means of safeguarding wealth.Gold futures for December delivery rose $5.30, or 0.4 per cent, to settle at $1253.40 on theComex in New York. The price reached $1256.60, the highest level for a most-active contract since June 28.
