MCX Gold Flat As Rupee Shrinks; Markets Follow US cues
Gold prices are trading flat on the Asian markets as dollar firmed up with investors speculating that the US job data may not be portraying a robust picture of the economy as previously thought. This caused a rush to secure greenback in droves.
Gold on the Comex was up by 0.02% at $1781.5 a troy ounce even as December Gold on the MCX was at Rs.31161 down by 0.02%.
Rupee meanwhile lost 25 paise against dollar and was at Rs. 52.10 per dollar in early trade.
The US unemployment rate dropped to 7.8% percent in September from 8.1% in August as per official statistics.
There were reports that former CEO of General Electric, Jack Welch expressed lack of confidence in the US job data even alleging manipulations by authorities. It is unclear if this influenced the investors in precious metals.
Meanwhile, Silver for December delivery on the Comex was down 0.02% and trading at $34.565 a troy ounce.