Precious Metals Preview: Gold stays pinned on rising equities

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Gold stayed pressed yesterday as a drop from near two and half month highs extended. Equities edged up around the globe. Hopes of continued easy monetary policies from
major global central banks and a sharp reversal in US nonfarm jobs data boosted the global sentiments.

The Fed funds futures market data showed that investors are not pricing in a rate increase from the US Federal Reserve in calendar year 2016 despite the strong jobs
report for June 2016.

This capped COMEX Gold and the metal is currently trading at $ 1,357 per ounce, almost flat on the day. MCX Gold August futures ended around Rs 31,580 per 10 grams and
should see another tight session today.

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