Gold futures extended the Friday's gains, with the prices gaining modestly in Monday's trading session, as investors continued to buy the precious metals after U.S. non-farm payroll figures indicated the Federal Reserve would keep its loose monetary policy in place for the indefinite future. Weak greenback also aided the upside in the precious metals.Gold remained underpinned after the U.S. Department of Labor said Friday the economy added 88,000 jobs last month, the smallest increase since last June and far below forecasts for an increase of 200,000.The data also showed that the unemployment rate ticked down to 7.6% from 7.7% in February. The central bank previously stated that monetary policy will remain accommodative “at least as long” as the jobless rate remains above 6.5%.
On the Comex division of the New York Mercantile Exchange, gold futures for June delivery currently quotes at $ 1576.35, up $0.55 per ounce, easing from high of $1,580 level. Euro is holding at $1.31 level, up 0.16% from last close. Gold traders are awaiting the release of the minutes of the Federal Reserve's March policy meeting on Wednesday for further hints on the future of its monetary policy.
Local gold prices slipped on strong local currency amid weak global cues. Indian rupee slipped 0.50% to Rs 54.49 per USD. MCX Gold for the June delivery fell nearly Rs 150 or 0.50% to Rs 29,595 and the support is seen at Rs 29,550-29,460 and resistance at Rs 29,700-29,770 level. Silver for May delivery tumbled Rs 310 or 0.60% to Rs 51,212 per 1 kg.
Source by Commodity Insights
No comments:
Post a Comment