MUMBAI: Gold futures edged lower on Friday morning on profit-taking after the yellow metal gained about 13 percent since the start of November,
and investors awaited the US employment data for direction. The most-traded February gold contract on the Multi Commodity Exchange was 0.72 per cent lower at 18,047 rupees per 10 grams at 10:51 am, after hitting a record of 18,364 rupees in the previous session.
"This could be attributed to profit-taking, support is placed at 17,900 rupees for the day," said Abhishek Chauhan, technical analyst, Angel Commodities. "Further direction would be data-dependent," said Aurobinda Prasad, head of research, Karvy Comtrade. Friday's US employment report is expected to show payrolls shed fewer jobs in November than October.
Economists polled by Reuters gave a median estimate of 130,000 jobs lost in November, compared with 190,000 in October. Open interest for February gold on MCX was at 17,517 lots, down from 17,787 a day earlier. Following are gold prices in rupees per 10 grams on the Multi Commodity Exchange of India Ltd. at 10:51 am.
