Gold garners good gains on Monday

Published on May 06, 2024 17:38

Gold prices rose today, adding to latest gains after having slumped to its lowest level in a month last weekend. Weak US dollar is boosting the metal. COMEX Gold futures are trading at $2325 an ounce, up 0.70% on the day. The US jobs data unveiled a slowdown in the US job expansion during April, reinforcing expectations that the Fed will commence interest rate reductions later in the year. The Nonfarm Payrolls (NFP) came in at 175K in April from 315K rise (revised from 303K) in March. The US dollar index fell to a three week low in last session and lingers around 105 mark right now.