Yellow Metal Little Changed On Global Cues

Gold futures were little changed during afternoon trade in the domestic market on Friday as investors and speculators remained on the sidelines in the precious metal on muted safe-haven demand due to firmer greenback after strong US economic data.

Besides, investors also remained cautious as the Goods and Services Tax Council will on Friday take up the crucial issue of taxation of precious metals such as gold. The centre had proposed a rate of 4 per cent on gold but some states such as Kerala want it placed in the higher 5 per cent slab.

At the MCX, gold futures for June 2017 contract is trading at Rs 28699 per 10 grams, down by 0.02 per cent, after opening at Rs 28647, against a previous close of Rs 28705. It touched the intra-day low of Rs 28600 (at 13:55 hours).

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