Gold Flat Ahead Of Durable Goods Data

MUMBAI-INDIA (Aug 26)  Gold futures are trading flat to lower ahead of the durable-goods data from the U.S. to gauge if the country's economic recovery is on track.

European stock markets struggled for direction at the open on Monday. Germany's DAX 30 index inched 0.1% higher to 8,429.07, while France's CAC 40 index was slightly lower at 4,068.63. U.K. markets were closed for a bank holiday.

US October gold futures are trading down $1 at $ 1394.6 an ounce on COMEX division of New York Mercantile Exchange. The market on Monday is due to receive a report on U.S. durable-goods orders for July.

The gold traders will closely watch the US good data. The Federal Reserve has said it could start tapering its asset-purchase program later in the year, if data continues to improve as expected.

Meanwhile, data from the Commodity Futures Trading Commission for the week ended Aug. 20 showed money mangers increased bets that gold prices would extend gains.

Federal Reserve officials wrapped up their annual retreat this weekend in Jackson Hole, Wyo., and experts attending the conference said it appears the Fed is still aiming to taper asset purchases at its September meeting.

MCX October gold futures are trading down Rs 6 at Rs 31750 per 10 grams. The metal is away nearly Rs 600 from its all time high of Rs 32464 per 10 grams hit on 26th November 2012. Whereas the international gold futures are away more than $500 from its all time high mark of $1911.6 an ounce hit in September 2011.