Gold price steadies as US jobs report fuels recovery optimism
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Gold prices steadied during the holiday-thinned trading session on Monday as robust US jobs data fueled hopes for a rapid economic recovery and bolstered global equities, suppressing bullion’s appeal.
Spot gold saw a slight gain of 0.1% to $1,731.80/oz by 11:40 a.m. EST, while US gold futures rose 0.2% to $1,732.20/oz.
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An earlier report showed that employers in the US added the most jobs in seven months during March, as more coronavirus vaccinations and fewer business restrictions bolstered labor market recovery.
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Gold was not much changed as US Treasury yields rebounded.
Yields are rising again, and US President Joe Biden on Thursday signed a US$1.9 trillion COVID-19 pandemic relief bill into law, allowing aid to flow to individuals, businesses and local governments.
Meanwhile, applications for US jobless benefits fell more than forecast to the lowest since early November last year as COVID-19 vaccinations accelerated and states eased more business restrictions.
<strong>DEMAND AFFECTED</strong>
Rising yields have played havoc on the price of gold, which touched a record high in August. Rates have climbed as increased economic aid stokes inflation concerns, hampering demand for bullion because
Gold price inched up by Rs 280 to Rs 44,710 per 10 gm on Friday, while
Silver price rose by Rs 400 to trend at Rs 67,400 per kg, according to the Good Returns website.
Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes. In New Delhi, the price of 22-carat gold increased by Rs 350 to Rs 44,300 per 10 gm, while in Chennai it rose to Rs 42,500. In Mumbai, the rate inched up to Rs 43,710, according to the website. The price of 24-carat gold in Chennai also increase by Rs 360 to retail at Rs 46,340 per 10 gm.
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