Gold Surges 4.73% as US Rate Hike Bets Weaken Amid Softer Labour Data
The price of gold surged by 4.73% on a weekly basis as the US Federal Reserve's rate hike bets weakened, according to data published by SocialNews.XYZ.
The weakening US dollar and declining Treasury yields created a supportive backdrop for precious metals, with gold futures (October) gaining 0.11% and silver futures (September) advancing 0.15% on the Multi Commodity Exchange (MCX).
The price of 10 grams of 24-carat gold rose to Rs 1,49,621 on Friday from Rs 1,42,863 at market opening on Monday.
Analysts attribute the turnaround in gold prices to weaker-than-expected US labour data, which cut the odds of further US Federal Reserve tightening. The July employment report showed an unexpected loss of 23,000 jobs compared to forecasts for an increase of about 80,000.