Gold Futures Prices Climbs to Highest Since June on Global Leads

Gold Futures Prices Climbs to Highest Since June on Global Leads

Gold futures prices was trading near a seven-week high on Monday as market players looked forward to a busy week of economic data, including the US jobs report.

Comex gold futures were at $1,266.80 a troy ounce, down $1.60, or about 0.1%.

At the MCX Gold prices drifted lower by 0.21 percent to Rs 28,520 per 10 grams.

As non-farm payroll data, this week’s calendar also reports US personal income and spending, which includes inflation data, personal consumption spending, the Fed’s preferred standard of inflation.

As it reflected on the agenda data on the manufacturing sector and the growth of the service sector, auto sales, factory orders, and the monthly trade figures.

Prices rose 1.1% last week, the third such gain in a row, as the Federal Reserve’s expectations of a rate hike again later this year, along with the growing political turmoil in the White House, sending the dollar to its lowest level in 13 months.

A weak dollar usually benefits from gold, because it enhances the appeal of the metal as an alternative asset and makes goods at cheaper prices for holders of other currencies.

Analysts said that in addition to a weakening trend abroad, profiting by speculators at higher levels, had a major influence.

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