Gold dips on strong US job data 08/05/2017

Gold dips on strong US job data
08/05/2017

Gold futures closed lower in the domestic market on Friday after April’s strong U.S. jobs report was seen as keeping the Federal Reserve on a path of higher interest rates, with another hike increasingly likely as soon as next month.
Higher rates tend to be bullish for the dollar and bearish for commodities pegged to the currency, making them more expensive to buyers using other currencies.
At the MCX, gold futures for June 2017 contract ended at Rs 28070 per 10 grams, down by 0.01 per cent, after opening at Rs 28,140 against a previous close of Rs 28,072. It touched the intra-day low of Rs 28,055.

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