Gold Futures Prices Sharp Gains After Sluggish US Jobs Data

Gold Futures Prices Sharp Gains After Sluggish US Jobs Data

US gold futures retained earnings of its biggest daily gain in almost nine months on Monday due to weak employment data in the United States eased fears that the Fed will raise rates this year.

On the Comex, US gold for December delivery traded in a broad range between $1,129.60 and $1,141.60 an ounce. Spot gold was little changed at $1,137.45 an ounce.

On Friday, US gold futures rose more than 2% above $ 1,140 an ounce, enjoying the strong motion of a day in more than a month. In the last 30 trading days, the precious metal has gained about 1.45% in value.

Data on Friday showed US employers criticized the curb hiring in the past two months, with non-farm payrolls increasing by 142,000 last month. Economists surveyed by Reuters had forecast employment growth of 203,000 in September.

The data tabled new doubts about whether the economy was strong enough for the Fed to raise interest rates later this year.

The hedge funds and money managers increased bullish bets in gold futures and options on COMEX for a period of four weeks, but cut a net long position in silver in the week to September 29, the US Commodity Futures Trading Commission released data on Friday.

At the Multi Commodity Exchange, gold for delivery in October was sharply up by Rs 397 or 1.54% at Rs 26,170 per 10 gram, today as speculators took fresh positions on positive cues from global markets.

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