MUMBAI, July 4: Gold recorded its first weekly gain since May as trader expectations for further US Federal Reserve rate hikes moderated, pushing bullion prices around 3.1 per cent for the week. Soft US job numbers and lower energy prices led to investors reducing the expectations of monetary policy tightening.
However, on Friday, MCX gold August futures eased 0.01 per cent while MCX silver July futures inched up 0.04 per cent. Currently, gold futures stand at Rs 1,47,365, while silver futures at Rs 2,37,499 per kg.
The price of 10 grams of 24-carat gold was at Rs 1,46,344 on Friday, up from Rs 1,41,911 seen on Monday market opening.“Gold extended its recovery for the fourth consecutive session and touched a 10-day high on Friday. The rebound comes after more than a month of sustained selling following the May 13 import duty hike, with improving sentiment supported by a softer US dollar,” an analyst said.The analyst said that the recent pullback in the Dollar Index has encouraged fresh buying in bullion, and forecasted that the bullion is expected to trade in the Rs 1,45,000–1,49,000 range, with global cues continuing to drive sentiment. (IANS)
