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Gold slipped to a more than three-month low on Thursday, pressured by a stronger dollar after a fall in US weekly jobless claims and ahead of more jobs data that could put the Federal Reserve on track to raise interest rates by year-end.
Spot gold hit $1,252.11 an ounce, its lowest since June 24, the day after Britain’s vote to leave the European Union. By 1409 GMT, it was down 0.8 per cent at $1,255.97.
Gold’s losses dragged the rest of the complex lower, with silver and platinum also touching their lowest since June 24 at $17.34 and $961.90 respectively. Palladium was down 1.8 per cent at $664.20 an ounce.
Meanwhile, gold futures on the domestic bourses hit a four-month low today as upbeat US economic data dimmed the haven appeal of the yellow metal, analysts said. At 1930 IST, the most active December futures contract of gold on the MCX was down 0.7 per cent at ₹29,702/10 gm after hitting a four-month low of ₹29,691.
Pure gold in Mumbai closed at ₹30,170/10 gm and standard gold at ₹30,020 — both down ₹80 from Wednesday’s close, the India Bullion and Jewellers’ Association said.
Silver futures on domestic bourses were trading down. The most active December contract of silver on the MCX was down 1.4 per cent at ₹42,019/kg.
Oil rallies
Oil touched four-month highs on Thursday, underpinned by a surprisingly large drop in US inventory levels the previous day and by growing expectations for the world’s largest producers to agree to cut supply. Brent crude futures were last up 55 cents on the day at $52.41 a barrel by 1408 GMT. US futures rose 46 cents to $50.29 a barrel, having broken above $50 for the first time since June this year.
Metals drift
Copper hit a two-week low after improvement in the US jobs market.
Benchmark copper on the London Metal Exchange was down one per cent at $4,752 a tonne. Aluminium fell 0.1 per cent to $1,674 a tonne and zinc fell one per cent to $2,319. Lead was down 0.3 per cent to $2,038. Nickel gained 0.6 per cent to $10,140.
Tin rose 0.5 per cent to $19,975 a tonne on worries about shortages on the LME market.
Mumbai bullion rates (in ₹)
Silver 43,100/kg; Standard gold 30,250/10 gm; Pure gold 30,400/10 gm.
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