oi-Kuntala Sarkar
International gold rates surge sharply today, amid strong US employment data published in the last week. Reflecting the international trend, Indian gold rates have also been bullish today. The 22-carat gold rate today stood at Rs. 47,550/10 grams, and 24-carat gold rate stood at around Rs. 51,870/10 grams. The major reason behind today’s gain in the gold rates is a weaker US Dollar index.
Today, gold markets reacted bullishly, and still digesting the latest US non-farm payroll data that was published last Friday. According to the country’s Labor Department, in July the non-farm data showed an increase of 528,000, strongly beating the estimations. Analysts mostly expected it to be at around 260,000. A sharp rise in the jobs number indicated that the US economy is improving significantly. Yet, the yellow metal has surged today, However, as an immediate reaction, the gold rates dropped sharply in the futures markets, in the late trading hours on Friday.
On that matter, A Kitco News report mentioned, “After Friday’s strong jobs numbers, notions of the Federal Reserve easing up on its aggressive monetary policy tightening were somewhat dashed. Most in the marketplace still look for another 0.75% rate hike from the Fed in September. The U.S. dollar index is slightly lower in early U.S. trading. The yield on the 10-year U.S. Treasury note is fetching around 2.818%. The 2-year U.S. T-note yield is 3.209, which has the yield curve still inverted and is one clue the U.S. is in or headed toward economic recession.”
Today, the Comex gold futures were quoted at $1,803.30/oz, gaining by 0.68, from the last trading day. Yesterday it was last quoted at $1,791.20/oz. The yellow metal fell by 2.08% this year in the futures market. The spot gold prices were last quoted at $1788.90/oz, gaining by 0.65%, from the last trading day. The US Dollar index quoted at 106.12, falling by 0.50%. In India, the Mumbai Commodity Exchange (MCX) gold in October future was quoted at Rs. 52279/10 grams, gaining by 0.78%, from the last trading day.
Gold rates are quoted differently, daily. Today’s gold rates in major Indian cities follow:
Story first published: Monday, August 8, 2022, 21:06 [IST]
fbq('track', 'PageView');