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Gold Extends Gains As US Jobs Data, Fresh Tariffs On EU Offer A Leg Up
Even as the gold continued to show correction as there were hopes of a sooner than expected US-China trade deal, the fresh concerns after the US imposed fresh tariffs on the European Union and important metrics from the US on its employment number has again pushed the safe haven appeal of the yellow metal.
There remain now a further rate cut anticipation on the back of slowing economic growth.
Spot gold was up 0.1% at $1,500.59 per ounce at 0105 GMT. In the previous session, prices climbed the most since August 23.
Back home, the yellow metal's December futures traded at Rs 38,287 per 10 gram, up by Rs 395 or 1.04 percent on the MCX around 09:20 AM IST.
The impetus has been provided by the fresh trade war between the US and European Union as also the weaker rupee which is providing an upside support to the yellow metal.
Given the weak geo-political outlook, experts suggests to maintain a dip on buy call for both silver and gold as it may provide bountiful gains for the investors in the long run.
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