Commodities
US Jobs Data Revives Fed Rate Hike Bets, Gold Holds Above Rs 1,52,400
Gold prices held above Rs 1,52,400 in India as strong US jobs data revived bets on a Federal Reserve rate hike. The Comex gold price fell 0.17% to $4,470 per ounce, while the LBMA spot gold was at $4,402.55 per ounce. Jateen Trivedi, VP Research Analyst at LKP Securities, noted that gold traded with range-bound volatility between Rs 1,52,500 and Rs 1,54,000.
The US dollar's softness, expectations of US inflation, and continued safe-haven demand amid geopolitical tensions drove the prices. Trivedi mentioned that Comex gold remained volatile in the $4,387, $4,440 range.