Gold Little Changed; Eyes on Payrolls data

Published on Oct 06, 2023 13:51

Gold remained stable above $1,830 an ounce on Friday as investors awaited nonfarm payrolls data, which is anticipated to reveal weaker job growth in the US for September compared to August. Recent support for bullion prices came from a retreat in the US dollar and Treasury yields, following the ADP data that showed a meagre increase of 89,000 private jobs in the US in September, falling well short of the expected 153,000. Nonetheless, gold is poised for its second consecutive weekly decline, registering loss of nearly 2% falling to its lowest levels in seven months. These trends are attributed to concerns that the US Federal Reserve will maintain high-interest rates to address inflation risks. MCX bullion futures hit the day`s low of Rs 56575 and were last seen trading up Rs 26 per 10 grams.