Commodities
Gold Prices Plummet on Strong US Jobs Data and Rate Hike Expectations
The price of gold on Comex is down 0.17% to $4,446.9 per ounce amid stronger-than-expected US jobs data and lower expectations for a September Fed rate hike.
The domestic MCX gold futures closed the Monday session 0.01% lower at Rs 1,52,750 per 10 grams, while domestic spot gold closed at Rs 1,52,000 per 10 grams on MCX.
The next market triggers are US inflation data, with PPI and CPI due this week ahead of the Fed's policy meeting, which will be closely watched for confirmation of whether inflation is cooling enough to offset the hawkish signal from Friday's jobs data.