Gold price rises on good US payrolls report

New York (Mar 11)  Gold witnessed recovery, owing to US non-farm payrolls report released for the month of February. Federal Reserve’s, Chairwoman, Janet Yellen had stated last week that if jobs and inflation data are held up, the central bank is poised to increase the interest rates.

 

 Investors are now preparing for the increase in US interest rates.

 

 Spot gold was up by 0.12% at USD 1202 an ounce. Gold has seen its biggest weekly loss in four months this week, owing to the anticipation of an interest rate hike.

 

 Gold is very sensitive to rising US interest rates since it increases the opportunity cost of holding the non-yielding bullion.

 

 Among other precious metals, silver declined by 0.44% at 16.87 per ounce; Palladium declined by 0.25% at USD 744.9 per ounce; and Platinum increased by 0.24% at USD 934.49 on Friday.

Source: HFL