Gold prices declined in India today after strong gains in the previous session, while silver traded flat. Gold futures fall 0.15% on MCX ₹47,451 per 10 grams after hitting a one-month high in the previous session. Silver futures remained flat ₹65,261 per kg.
Gold rose in the last session ₹500 per 10 grams while silver jumped ₹1,900 per kg, in line with firming global rates after disappointing US jobs data.
In global markets, gold rates were steady at a two-month high today, as disappointing US jobs data indicated the Federal Reserve may push back the timeline for easing stimulus measures. The spot price of bullion stood at $ 1,826.65 an ounce, while silver also remained stable at $ 24.69 an ounce.
After the release of US jobs data, analysts say the Federal Reserve may push back the timeline for easing stimulus measures. Gold is considered a hedge against inflation and currency depreciation, largely due to stimulus measures.
A weak US dollar also supported gold. Data released Friday showed US non-farm payrolls grew by 235,000 jobs in August, far below economists’ expectations of 728,000, amid a resurgence in COVID-19 infections.
Fed Chairman Jerome Powell indicated last month that reaching full employment was a pre-requisite for the central bank to begin rolling back its asset purchases.
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