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Gold gains with focus on US jobs data

By Religare
|

Gold prices rose by 0.04 per cent on Thursday at the domestic markets with the focus ahead on US jobs data at the end of the week. Further, a weak dollar raised the appeal of the bullion as an alternative asset. Weaker dollar makes the precious metal cheaper for those holding other currencies, thus increasing demand. Gold futures for October 2015 contract, at MCX, were trading at Rs. 24,702 per 10 grams, up by 0.04 per cent after opening at Rs. 24,675 against the previous closing price of Rs. 24,691. It touched the intra-day high of Rs. 24,722 till the trading. (At 11.59 AM today).

 

Recent data showed that US non-farm private employment rose less than expected in July, dampening optimism over the strength of the economy and fanning hopes that the Federal Reserve could delay raising interest rates until the very end of 2015.

Story first published: Thursday, August 6, 2015, 23:00 [IST]
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