Gold Prices Rise Amid Easing Fed Rate Hike Fears
The price of gold supported by easing expectations of a Fed rate hike, a weaker US dollar and lower Treasury yields. On Thursday (Sept.3), Comex gold futures surged above $4,557 per ounce during intraday trading. Gold prices held just above $4,523 per ounce on Sept. 4.
Analysts said precious metals were supported by weakness in bond prices, while softer-than-expected US Non-Farm Employment Change data strengthened expectations of a more accommodative stance from the Federal Reserve.
Domestic MCX gold futures closed the Thursday (Sept. 3) session marginally lower at Rs 1,55,701 per 10 grams. Silver inched 0.02 percent to Rs 2,42,391 per kilogram from its previous close.