Improved U.S. data and optimism over developments in Europe this week have helped to boost the dollar and euro against the yen. The ICE dollar index, which measures the greenback against a basket of six other major currencies, rose to 79.147, up from 79.022 in late North American trade Wednesday, helping cap gains.
An ounce of gold on COMEX division of New York Mercantile Exchange is trading down $5.3 at $ 1747.7 in early London trades.
Domestic gold futures for December delivery are trading flat at Rs 31142 per 10 grams on the Multi Commodity Exchange. It opened higher at Rs 31,171 per 10 grams on Thursday against the previous close of Rs 31,140. The depreciating rupee will limit any sharp fall in gold prices during the day.
The traders are suggested to sell the counter only on break of Rs 31115 with target of Rs 31070 and Rs 31010 with stop loss of Rs 31140.
On the data front today, it showed that Australia's economy has been hit by weaker commodity prices this year, but recent interest rate cuts should soften the blow, a top executive at the country's Treasury department said Thursday. Slowing growth in China, the country's biggest trading partner, has led to sharp falls in key industrial commodity prices in recent times, buffeting Australian exports. The RBA has cut interest rates by 1.5 percentage points since November, with financial markets expecting more to come over the next year as the economy slows and unemployment rises.
Also, China gross domestic product grew 7.4% in the third quarter, marking the lowest level since early 2009. But along with the GDP figures, industrial output for September rose 9.2% year-on-year, accelerating from 8.9% in August, while retail sales gained 14.2%, up from August’s 13.2%.
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