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Gold Set To Eye Covid-19 Scenario In India

Published on Apr 05, 2021 11:32

COMEX Gold futures saw a good bounceback in last session as thin holiday trading triggered decent buying to push up the metal after it successfully managed to hold above $1700 per ounce mark. The commodity added 0.87% to end at $1730 per ounce. The MCX Gold futures closed at Rs 45404 per 10 grams, up 1% on the day in last session and should stay supported following firm moves in global prices. Gold has stayed largely supported in last few days despite a firm US dollar and rising equities. However, an intense spurt in fresh daily Covid-19 cases in India, which hit above 90000 mark over the weekend, could weigh on the demand now. The wedding season is likely to get affected following this massive spike which has pushed up the fresh daily cases to near six and half month high.

Meanwhile, the US Labor Department said non-farm payroll employment surged up by 916,000 jobs in March after climbing by an upwardly revised 468,000 jobs in February. The increase in employment reflected widespread job growth, with employment in the leisure and hospitality sector once again leading the way. The impressive job growth resulted in a continued decrease by the unemployment rate, which fell to 6% in March from 6.2% in February. The strength in nonfarm could support the US dollar in near term, thereby capping gains in Gold.

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