Gold is likely to witness a muted session as nonfarm payrolls take centre state. The metal fell further yesterday, testing lows near $1300 per ounce- testing its lowest in two and half months as concerns that a US interest-rate increase may come sooner than expected weighed on demand for the precious metal.
Gold is trading in a nervous manner off late as strength in US dollar and the failure of Gold prices to hold on in last few weeks have hurt sentiments. The counter is currently trading at $ 1,317 per ounce, down marginally on the day.
MCX Gold October futures ended around Rs 30,770 per 10 grams yesterday and should witness a choppy outing today.
Manufacturing activity in the US unexpectedly contracted in the month of August, the Institute for Supply Management revealed in a report released on Thursday. The ISM said its Purchasing Managers Index (PMI) slumped to 49.4 in August from 52.6 in July, with the reading below 50 indicating the first contraction in manufacturing activity since February. The official Purchasing Managers' Index (PMI), compiled by China's National Bureau of Statistics (NBS) rose to 50.4, up from 49.9 in July.
Meanwhile, the US dollar is quoting around 1.1200 levels against the Euro – coming off its three week low. Eurozone manufacturing sector expanded at the slowest pace in three months in August, final data from Markit showed Thursday. The Purchasing Managers' Index fell to 51.7 in August from 52 in July.
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