Gold rises marginally after release of US employment report
08/08/2017
Gold futures closed higher in the domestic market on Monday after Friday’s key employment report beat expectations which prompted some traders to bet that the U.S. Federal Reserve would have few reasons to hold off on normalizing and raising interest rates, and reducing a $4.5 trillion balance sheet.Both moves can have the effect of tightening monetary policy, making metals, which don’t offer a yield, less attractive compared with yield-bearing assets, including 10-year Treasury notes.The U.S. labor market added an impressive 209,000 new jobs in July, more than most economists were banking on. The unemployment rate fell back to a 16-year low of 4.3%.At the MCX, gold futures for October 2017 contract ended at Rs 28460 per 10 grams, up by 0.19 per cent, after opening at Rs 28,389 against a previous close of Rs 28,406. It touched the intra-day high of Rs 28,488.
08/08/2017
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Gold futures closed higher in the domestic market on Monday after Friday’s key employment report beat expectations which prompted some traders to bet that the U.S. Federal Reserve would have few reasons to hold off on normalizing and raising interest rates, and reducing a $4.5 trillion balance sheet.Both moves can have the effect of tightening monetary policy, making metals, which don’t offer a yield, less attractive compared with yield-bearing assets, including 10-year Treasury notes.The U.S. labor market added an impressive 209,000 new jobs in July, more than most economists were banking on. The unemployment rate fell back to a 16-year low of 4.3%.At the MCX, gold futures for October 2017 contract ended at Rs 28460 per 10 grams, up by 0.19 per cent, after opening at Rs 28,389 against a previous close of Rs 28,406. It touched the intra-day high of Rs 28,488.
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