Gold prices hit new record high, continue to gain for third week straight; silver surges by 1.4%
World markets today: US stocks surge on robust jobs data; Krispy Kreme, Shockwave Medical among top gainers on NYSE “Gold and silver closed on a mixed note, after both precious metals hit fresh lifetime highs in the domestic market. Silver fell after reaching its highest level since June 2021, as investors awaited the important US employment data for fresh indications regarding the Fed's monetary easing. Gold and silver are also getting support due to escalating tensions in the middle-east.
The dollar index also slipped below 104 marks amid Fed rate cut hopes which supported prices of precious metals," said Rahul Kalantri, VP Commodities, Mehta Equities Ltd. The Labor Department reported a rise of 303,000 jobs in nonfarm payrolls last month, exceeding economists' expectations. In a survey conducted by Reuters, economists had anticipated 200,000 jobs, with estimates spanning from 150,000 to 250,000.
Also read: Explained | Why are crude oil prices elevated after OPEC+ policy decision and how will it impact India? Fed Chair Jerome Powell reaffirmed on Wednesday that the central bank wasn't hastily considering a reduction in borrowing costs. This statement followed the recent decision to maintain the policy rate within the range of 5.25% to 5.50%. Silver prices increased by 1.4% reaching $27.30 per ounce, while platinum remained stable at $925.15.
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