On Friday, Gold and Silver prices remained steady on firm dollar ahead of most awaited U.S. nonfarm payrolls data for the month of May, to be released later today.
Yesterday, prices declined on wave of technical selling and later found some support from weakness in dollar. The dollar index fell to its lowest in a month against basket of currencies.
Gold is taking strong support at 22500 rupees in ongoing week. I expect prices to remain volatile as the fundamentals are still supporting safe haven buying for Gold.
US economy Data this week has highlighted a picture of a U.S. economy that may be running out of steam as companies hired fewer workers than expected, factory activity hit a near-two year low, auto sales slowed and pricier gasoline ate into retailers' sales.
However, Precious Metals prices may find pressure as investors might not be willing to take risk ahead of employment data and may liquidate their position. However if the payrolls data turns out worse than expected, we can see gold advancing to touch fresh record high levels in the near term.
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