Gold Price Today: Ahead of a much-awaited U.S. jobs data, the price of yellow metal hit month’s high on Friday (August 5) because of a retreat in Treasury yields and growing recession fears boosting safe-haven demand, thus keeping bullion on track for its third straight weekly rise, as per Reuters report.
On the Multi Commodity Exchange (MCX), Gold October futures were down by 0.08 percent at Rs 52,125 per 10 grams. Whereas silver September futures were trading at Rs 58,127 per kg, rose by 0.25 percent.
After hitting its highest level since July 5, spot gold was flat at $1,790.73 per ounce, as of 0301 GMT. Prices are up 1.5% this week. Whereas spot silver rose 0.5% to $20.25 per ounce.
U.S. gold futures were steady at $1,807.40.
“Gold continues to benefit from a combination of a weaker dollar that has been driven by falling U.S. bond yields as markets continue to price in peak inflation and a recession,” OANDA senior analyst Jeffrey Halley said.
“A soft payroll number will support gold`s upward momentum as it is likely to result in another bout of dollar weakness as yields fall. Gold should continue grinding towards the $1,900.00 region in the coming sessions,” Halley added.
Commenting on today’s gold and silver price Tarun Satsangi, AGM (Commodity Research), Origo e-Mandi said, “Gold and silver spot prices continue the firm trend underpinned by the drop in the value of the U.S. Dollar Index.”
“Today, if prices of gold manage to sustain above Rs52,300/10grams, the rally can extend to Rs53000/10 grams. Else, prices will continue to hover in the Rs51000-Rs52300 range for some time now. Talking of silver, the immediate range is seen as Rs56500-Rs58500/kg with a positive bias. Silver prices are like to stay positive as long as trading above TRP-54900,” he added.
(With the input of Reuters)