Gold gains as weak jobs data cool US rate hike expectations
Traders raised intraday bullish bets on gold. Outstanding positions on the June contracts surged to 7,681 from 7,484 on Thursday, data showed.
By Ram Sahgal, ET Bureau | Updated:
NEW DELHI: Gold climbed 1.25 per cent higher at Rs 26,931 per 10 grams today on MCXas weak jobs data in the US raised expectations of a delay in interest rate hikes by the US Federal Reserve. The dollar quoted around 31 paise lower against the rupee.
Traders raised intraday bullish bets on gold. The outstanding positions on the June contract rose to 7,681 from 7,484 on Thursday. Markets had a holiday on Friday.
The US Fed Chairperson Janet Yellen last month raised the possibility of a rate hike as soon as June, while also suggesting a greater probability of one in September.
Rising prospects of a rate increase had resulted in the dollar strengthening against major currencies. However, weak job recovery could postpone such an action.
Traders raised intraday bullish bets on gold. The outstanding positions on the June contract rose to 7,681 from 7,484 on Thursday. Markets had a holiday on Friday.
The US Fed Chairperson Janet Yellen last month raised the possibility of a rate hike as soon as June, while also suggesting a greater probability of one in September.
Rising prospects of a rate increase had resulted in the dollar strengthening against major currencies. However, weak job recovery could postpone such an action.
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