Forex
Gold Surges 4.73% as Weakened Dollar and Labour Data Trim Fed Hike Odds
Gold prices have surged 4.73 per cent on a weekly basis due to the weakening US dollar and lower-than-expected US labour data, which reduced the likelihood of further interest rate hikes by the Federal Reserve.
On Friday, gold futures (October) gained 0.11 per cent while silver futures (September) advanced 0.15 per cent on the Multi Commodity Exchange (MCX).
The price of 10 grams of 24-carat gold was at Rs 1,49,621 on Friday, up from Rs 1,42,863 seen on Monday at market opening.
Analysts point to declining Treasury yields and a softer US dollar as key factors supporting the precious metals. The July US employment report showed an unexpected loss of 23,000 jobs in July, compared to forecasts for an increase of about 80,000.