Gold Soars Above $2,370; Eyes on Non-Farm Payrolls

Published on Jun 06, 2024 15:09

Gold rose above $2,370 per ounce on Thursday, extending its gains as US economic data fueled expectations of Federal Reserve rate cuts this year. The dollar index fell toward 104, near two-month lows, as weakness in the US labor market bolstered hopes for rate cuts, possibly starting in September. Traders await Friday`s non-farm payrolls data for further insights. The Bank of Canada cut its key policy rate on Wednesday, its first in four years, with the European Central Bank expected to follow suit today. MCX August bullion futures traded higher at Rs 72,750 per 10 grams, while silver futures jumped over Rs 1,000 to Rs 91,394 per kg.