Gold falls ahead of US non farm payrolls data

Gold prices on the MCX fell ahead of a crucial US non farm payroll data. Gold for February delivery was trading at Rs 29,132 on the MCX, down Rs 73 over its previous close.

Silver on the other hand was trading at Rs 44,165, down Rs 296.

Gold and silver are expected to take cues next week from the US payrolls data, due later today. A strong reading of the data is not going to be good news for gold, as it would trigger fresh worries of QE3 tapering by the Fed.

In the international market gold was heading for a two per cent weekly drop. Spot gold was quoting at $1,226 an ounce.
Gold is headed for the first drop in 12 years, as investors look to opportunities across equities, following hopes of a global economic recovery.

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