Gold prices in the souk market witnessed a big jump with 22K and 24K prices going as high as Rs 2,277. The cheapest gold to buy is currently of 1 gram which is below Rs 6,000, while 10 grams is still cheaper then the gold sold in India.
Kaynat Chainwala, AVP-Commodity Research, Kotak Securities said, "COMEX Gold prices closed marginally higher on Monday after the steep fall of more than 3.5% on Friday post the upbeat Labour report. Data showed that US economy added 272,000 jobs in May, significantly higher than the revised 165,000 in April and well above the expected 185,000."
He added, "The latest US jobs figures adds leeway for the Fed to delay rate cuts. Markets have scaled back expectations for a Fed easing this year, with investors now pricing a 50% chance of a cut in September. Investors might be cautious ahead of US CPI and FOMC meeting tomorrow. Fresh economic projections and dot plot will be closely watched."
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