Gold gains on Comex ahead of US non-farm payroll data

Gold gained on the Comex division of the New York Mercantile Exchange on Wednesday ahead of the US non-farm payroll data that is expected on Friday.

Spot gold was up $2 at $1,195.30 an ounce (about Rs 72,108 per 31.1 gm) at noon on Wednesday.

Most analysts say if non-farm payrolls exceed the median estimate of 225,000 jobs being added in April, gold could fall below $1,170 and may even head to $1,150, resonating the Federal Reserve’s comments last Tuesday about the economic soft patch being a blip.

But if payrolls are below the median, gold could break above $1,200.

Gold traded up half a percent at Rs 27,018 per 10 gm on the Multi Commodity Exchange. The rise was more than the Comex gold because of a weaker rupee.

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Posted in: Indian Market Tips