Gold heads for second weekly loss on stimulus fears, MCX Gold opens slightly up
India gold futures opened slightly positive at Rs.29986 per 10 grams on Friday amid weak international cues. Gold futures for December delivery on India's Multi Commodity Exchange (MCX) was seen trading with a gain of 0.18% at Rs.29975 per 10 grams as of 10.06 IST on Friday.
CHICAGO/MUMBAI (Commodity Online): Gold prices were seen heading for a second consecutive weekly losses as firm US data sparked concerns that US Federal Reserve may roll back its bond purchasing program soon. Comex gold for December delivery on electronic trading was seen trading neutral at $1309.1 per troy ounce as of 10.19 IST on Friday. Comex gold declined below $1300 per troy ounce yesterday amid strong GDP data and a decline in initial jobless claims.
India Gold Futures
India gold futures opened slightly positive at Rs.29986 per 10 grams on Friday amid weak international cues. Gold futures for December delivery on India's Multi Commodity Exchange (MCX) was seen trading with a gain of 0.18% at Rs.29975 per 10 grams as of 10.06 IST on Friday.
Market analysts were seen eyeing on list of US data releases which are scheduled to be released later today. US data on Nonfarm Payrolls, Personal Spending, Private Nonfarms Payroll, Unemployment Rate are scheduled to be released at 19.00 IST on Friday.
Chinese exports increased higher than projected in October while import gains accelerated. Exports rose 5.6% in October year-on-year basis, the General Administration of Customs said on Friday. Imports (CNFRIMPY) rose 7.6%, leaving a trade excess of $31.1 billion, the highest in 2013.
Real gross domestic product in the United States - increased at an annual rate of 2.8 percent in the third quarter of 2013 (that is, from the second quarter to the third quarter), according to the advance estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2.5 percent.
The European Central Bank (ECB) reduced interest rates to the lowest on Thursday to support the economy. The interest rate on the main refinancing operations of the Euro system will be decreased by 25 basis points to 0.25%, starting from the operation to be settled on 13 November 2013. The interest rate on the marginal lending facility will be decreased by 25 basis points to 0.75%, with effect from 13 November 2013. The interest rate on the deposit facility will remain unchanged at 0.00%, the bank said in a release.
Degussa Goldhandel (Gold Trade) Group acquired Sharps Pixley Ltd, one of the leading bullion trading businesses based in London. The acquisition of Sharps Pixley Ltd underscores Degussa's future ambitions to play a major role in international gold trade, according to a press release.
Meanwhile, in the week ending November 2, the United States advance figure for seasonally adjusted initial claims was 336,000, a decrease of 9,000 from the previous week's revised figure of 345,000. The 4-week moving average was 348,250, a decrease of 9,250 from the previous week's revised average of 357,500, according to the data released by the Department of Labor on Thursday.
China is scheduled to declare its inflation and industrial output index on Saturday. Also, Chinese Communist Party leaders are expected meet for four days starting November 9 to discuss policies.
