Bargain Buying Sparks Gains in Gold

Published on Dec 06, 2023 13:59

Gold futures maintain stability in Asian electronic trades, recovering from a sharp decline to around $2150 per ounce earlier this week. The metal finds support from bargain buying, although traders remain cautious after recent highs. Attention turns to the upcoming US monthly jobs report, seen as a key indicator for Federal Reserve monetary policy. The US dollar`s 1% gain this week hinders dollar-denominated commodities, including gold. Economic updates reveal a significant drop in October JOLTS job openings, while the U.S. November ISM services index sees a modest increase to 52.7, and China`s Caixin services PMI rises to 51.5. Moody`s downgrade of China`s outlook to "negative" highlights concerns over sustained lower economic growth and property sector downsizing. MCX February gold futures trade at Rs 62,520 per 10 grams, eyeing resistance near Rs 62,700.