Gold futures extends gains 7-week high after US jobs data disappoints

Gold futures extends gains 7-week high after US jobs data disappoints

On Comex, gold futures for June delivery touched an Intraday peak of $1,223.40 a troy ounce. Image Source:

Gold futures prices extended gains highest in almost seven weeks on Monday, after disappointing U.S. jobs data prompted investors to push back expectations for a rate hike in the U.S. until the end of the year.

US companies added 126,000 positions in March, less than half the February’s pace and the smallest gain since December 2013, according to the Labor Department said on Friday. That ended 12 straight months of job gains above 200,000 – the longest streak since 1994.

On Comex, gold futures for June delivery touched an Intraday peak of $1,223.40 a troy ounce, bullion added 1.4 percent to $1,217.90 an ounce. Spot gold was up 0.4 percent at $1,215.50 an ounce and hit an Intraday session high of $1,218.45.

A disappointing report makes it more likely that the Federal Reserve will wait until the end of the year to raise interest rates from historically low levels. The market participants had previously been speculated that interest rates in the US could begin in June and up.

There were no settlements in gold futures on Friday since the markets were closed since the beginning of the Easter break. It is hoped that trading activity to remain light on Monday, with markets in Europe, the UK and China all closed for the holiday.

At Multi Commodity Exchange, gold for delivery in June rose by Rs 305 to Rs 26,902 per 10 grams in futures trade as positive cues from the global market.

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