European markets are trading lower today as markets remain cautious ahead of US NFP jobs data. Asian markets are trading lower and the US stock futures are trading in the red.
Spot gold prices are trading marginally higher today by 0.27 percent at $1281/oz while MCX gold prices are trading higher by 0.68 percent at Rs.30100 per 10 gms. Investor interest in gold remains robust. Assets in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, rose 0.07 percent to 825.54 tonnes on Wednesday, their highest in more than two years. Meanwhile, U.S. payrolls report due tonight will give clues about whether the Federal Reserve will soon raise interest rates.
We expect gold prices to trade sideways as recent strength in the DX and profit booking at higher levels will act as a negative factor while the non-payrolls data due tonight will provide further clues about rate hike in the US.
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