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Gold Bounces Back On Jewellers' Demand, Global Cues
After witnessing losses for 3 consecutive days, gold prices recovered in trade on better demand from investors and jewellery stockists driven by surging global cues.
Standard gold (99.5 purity) advanced by Rs 140 to conclude at Rs 28,540 per 10 grams from yesterday's closing level of Rs 28,400, according to PTI reports.
Check gold rates in India here
In the international markets, gold lost ground after US jobs data came in strong. This will likely pull gold prices lower given the fact that the US Fed could raise interest rates once again later this year. US Gold Futures was also lower at $1264 an ounce after hitting as high as $1270 an ounce. Next week gold prices may drop as markets would react to the US jobs data. Gold prices in India, have been hovering in a tight range for the last few weeks, led by a strong currency.
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