COMEX gold futures edged up from three- week low today as bargain buying clubbed with weakness in the US dollar supported the metal. The uncertainty surrounding trade tensions between US and China continues to keep the yellow metal supported. Investors are now turning their attention to the US Federal Reserve’s policy meeting later this week for further cues on rate stance. In a key US data on Friday, the Nonfarm Payrolls rose by 177,000 in April, marking a moderation compared to the 185,000 increase (revised lower from 228,000) reported in March. The US Unemployment Rate remained unchanged at 4.2%. Equities edged up following this while Gold tanked on Friday. However, three-week lows of $3300 per ounce capped the downside for the counter. The metal currently trades at $3269 per ounce, up 0.80% on the day. On the MCX, the benchmark Gold futures are trading at Rs 93220 per 10 grams, up 0.63% on the day. Gains were limited for local futures as Indian rupee continued to witness excellent gains. INR is up by 35 paise to quote at 84.21 per US dollar, hovering around a seven-month low.
More News
|
|