Precious Metals Preview: Gold slides more than 1% in Asia, Nonfarm payrolls in focus

Gold futures slipped today in volatile trades. The metal had gained from one year low, climbing back above the psychological $4,000 per ounce mark to a two-week high, as Democratic victories in the US midterm elections strengthened hopes of a potential resolution to the US-Iran conflict. The US dollar index moved up modestly and crude oil spiked. This pulled COMEX Gold futures down 1.30% at $4060 per ounce. MCX December gold futures hit above Rs 145000 per 10 grams but is set to weaken today amid tepid global cues. The global prices will stay under pressure ahead of Nonfarm payrolls.

Powered by Commodity Insights