Gold Market
Gold price gained momentum to near $4,160 in early Asian trade on Monday after US Nonfarm Payrolls missed expectations, reducing the likelihood of a Fed rate hike this month. Rising US-Iran tensions also provided support.
Gold is heading for its second straight weekly drop, pressured by a stronger US dollar and higher bond yields. Traders are focused on upcoming payroll data for clues on Federal Reserve policy.
Gold spot retreated from an intraday high of $4,219 to close at $4,157 as elevated real yields continued to cap upside, according to UOB Global Economics & Markets Research.
Gold fell sharply to a seven-week low, pressured by rising oil prices, a firmer dollar and higher Treasury yields. Silver, platinum and palladium also declined.
Gold prices declined on Monday as a rebound in oil prices heightened inflation concerns and strengthened the case for additional Federal Reserve rate increases.
Baanganga Gold & Diamond has filed its DRHP for a ₹720 crore IPO, comprising a fresh issue of ₹540 crore and an OFS of ₹180 crore. Proceeds will fund working capital.
Gold edged below $4,350 on Tuesday as the Federal Reserve's hawkish stance countered a decline in US bond yields. The metal's downside appears limited amid geopolitical tensions and mixed technical signals.
Gold fell over 0.6% on Monday after last week's Federal Reserve rate hike. The US Dollar Index rose 0.2% to 100.42, capping the metal despite lower Treasury yields.
Gold held near $4,350 an ounce as lower oil prices eased inflation concerns and traders weighed the Federal Reserve's rate path after its first hike since 2023.