Thursday, July 3, 2014

Gold futures

Gold futures headed for the biggest drop since May after the U.S. added more jobs last month than forecast, curbing demand for a haven asset. The addition of 288,000 jobs followed a 224,000 gain the prior month, Labor Department figures showed today. The median forecast in a Bloomberg survey of economists called for a 215,000 advance.
Bullion rose 11 percent this year through yesterday as the Federal Reserve said it will keep interest rates low for a considerable time after ending bond buying, while unrest in Iraq and Ukraine spurred demand for a haven. The metal plunged 28 percent in 2013, the most in three decades, as the U.S. economy gained traction. The job numbers are telling us that the economy is healthy, and people don't need a lot of safe haven going forward, Alfonso Esparza, a senior currency analyst in Toronto at Oanda Corp Gold will probably now start weakening again.
The gold imports during the first 11 months of the outgoing fiscal year 2013-14 plunged by 43.48 percent as against the same period of last year. According to data revealed by Pakistan Bureau of Statistics (PBS), during the period under review, 4,177 kilogram of yellow metal worth of US$ 172.950 million was imported as compared to the import of 5,740 kg valuing $306.005 million during July-May 2012-13. The overall imports of metal group, registered a decrease of 9.26 percent during the first 11 months of the year 2013-14 against the same period of last year.
The metal group imports in to the country during the period under review were recorded at $2.7438 billion against imports of $3.024 billion during same period of last year.