Bullion scripts positive finish as US jobs data eyed

Gold futures ended higher in the domestic market on Thursday as investors and speculators booked fresh positions in the yellow metal as dovish comments from Fed policymakers this week who signaled a cautious approach to further interest rate tightening in the US economy amid heightened global risks, bolstered the lure for the bullion as a store of value. 

 

Investors were focused on Friday’s jobs data which may offer further cues over the health of the US labour market and dictate the timing of the next Fed rate hike. The US economy may have added 205,000 jobs in March, down from 242,000 in February, analysts estimated.
 

A rise in jobless claims last week to the highest level in two months signaled a cooling US labour market recovery, further bolstering the case for the Fed to refrain from rate tightening at its upcoming policy meet this month.
 

Gold may trade on a cautious note today ahead of US jobs and manufacturing data. Read More - Mcx Tips
 

At the MCX, Gold futures for April 2016 contract closed at Rs 28,549 per 10 gram, up by 0.50 per cent after opening at Rs 28,441, against the previous closing price of Rs 28,407. It touched the intra-day high of Rs 28,682.