Economy
Gold Prices Surge to Seven-Week High Following Weak US Jobs Data
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THE BRIEF
1
Gold prices climbed to a seven-week high with an 8% weekly gain after weaker-than-expected US employment data reduced the probability of a September Federal Reserve rate hike to 44%.
2
The US economy lost 23,000 jobs in July against expectations of an 80,000 increase, while benchmark 10-year Treasury yields eased to 4.60% and the US dollar weakened, boosting non-yielding assets.
3
Market experts advise a buy-on-dips strategy for gold, noting immediate support levels at ₹1,49,400 and ₹1,47,000, with the metal facing a key resistance hurdle at ₹1,52,000 in the domestic market.