Precious Metals Preview: Gold Rebounds From Two Week Low

10 Jan 2022 , 12:46 AM

Gold saw a volatile movement on Friday. The metal tested two week low near $1780 per ounce before cutting losses as the US dollar slipped on a weak US nonfarm payrolls data. Employment in the US increased by much less than expected in the month of December, according to a closely-watched report released by the Labor Department on Friday. The report said non-farm payroll employment rose by 199,000 jobs in December after climbing by an upwardly revised 249,000 jobs in November. Gold edged up as the US dollar index slumped under 96 mark. The metal also benefitted from firm Indian economic growth numbers. Due to an uptick in the farm, mining and manufacturing sector outputs, Indias gross domestic product (GDP) is projected to grow 9.2% in the current financial year or 2021-22, according to the first advance estimates released by the National Statistical Office (NSO) on Friday. In 2020-21, a national lockdown forced by the Covid-19 had pulled the GDP down 7.3%. COMEX Gold moved up near $1800 per ounce mark following this. MCX Gold futures closed at Rs 47455 per 10 grams, almost unchanged on the day.

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