The latest US jobs report has set the stage for a recalibration of expectations at a time each economic indicator carries weighty expectations. The resounding message: uncertainty looms, and the Federal Reserve finds itself at a pivotal crossroads.
Prices of the precious metal rose by Rs 1,028 per over the previous day's closing which works out to a nearly 1.5 per cent increase.
Gold prices increased to a seven-month high in the international market on Wednesday while in India gold prices were above Rs 62,500 per 10 gm for 24 carat gold.
On the festive occasion, the rate for 24 Carat gold in India has jumped to Rs 61,150 and Rs 56,050 for 22 Carat per 10 gram.
On Sunday, gold with 24k was trading at Rs 51,290 per 10 gm in the morning, an increase of Rs10 from yesterday's closing price.
Fresh positions built up by participants led to the rise in gold prices, analysts said.
Not only the Covid-19 crisis, assemblage of several other factors such as the macroeconomic issues, political uncertainties, and investment demand steered the metal northwards.
In the previous trade, gold had closed at Rs 51,000 per 10 gram.
The dollar index, which gauges the greenback's strength against a basket of six currencies.
The physical demand for gold has remained low because of the higher prices, investors have poured money into avenues such as exchange-traded funds to benefit from the rally.
