Yellow Metal Loses Shine Ahead of US Jobs Data

Gold futures were trading lower during afternoon trade in the domestic market on Thursday as investors and speculators exited their positions in the precious metal on diminishing safe-haven demand due to an uptick in the US dollar ahead of the US non-farm payrolls data on Friday.
Traders keenly eyed the February non-farm payrolls data due tomorrow as a barometer of the US economy after Fed Chair Yellen said last week that the central bank was poised to lift rates provided jobs and inflation data held up. At the MCX, gold futures for April 2017 contract is trading at Rs 28512 per 10 grams, down by 0.41 per cent, after opening at Rs 28550, against a previous close of Rs 28629. It touched the intra-day low of Rs 28481 (at 13:27 hours).
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