Gold Touched Intra-Day Low of 24,631

Bullion tips - On Thursday, Gold futures were trading on a soft note during late morning trade as investors and speculators cut risky bets in the precious metal ahead of the US Q2 GDP numbers set for release later in the day which may show a strong rebound in the world’s biggest economy following a mild contraction in the March quarter, raising bets of policy tightening in the coming months, curbing the lure for Gold as a store of value. Analysts estimate 2.5 % annualized expansion in the US in the June quarter, compared to a 0.2 per cent contraction in Q1.

The Fed on Wednesday signaled further strength in the US labour and housing markets, reiterating that the timing of a maiden rate lift-off since 2006 was data dependent. At the MCX, August 2015 contract for Gold futures is trading at Rs 24,644 per 10 gms, down by 0.31 % after opening at Rs 24,737, against its preceding closing price of Rs 24,720. It gains the intra-day low of Rs 24,631. At 11 O' Clock.