Gold futures closed slightly lower reversing from early gains on Friday, as better-than-expected US employment data eroded the precious metal’s safe-haven demand.
Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, declined to 1,065.61 tons, as on May 3.
Silver holdings of ishares silver trust, the largest ETF backed by the metal, declined to 10,431.39 tons, as on May 2.
Banks will be allowed to import bullion on a consignment basis to meet only genuine needs of exporters of gold jewelry, the Reserve Bank of India said in its annual monetary statement.
The US economy created a net 165,000 jobs in April much higher than market expectation, as per the Labor Department.
The dollar index, a measure of the greenback’s moves against six other major currencies, fell to 82.122 from 82.234 on late Thursday.
The dollar surged more than 1% againstthe yen on Friday, after surprisingly strong US April jobs data fuelled optimism that the US economy may be more resilient than some had feared.
Copper futures rallied nearly 7%, its biggest oneday percent gain in over two and a half years while other metals too rallied, as the US jobs data brightened demand prospects for the industrial metal.
Copper futures for July delivery closed up by 6.5% at $3.307 on the COMEX division of the NYMEX.
Crude oil futures rallied, after reports showed that the US economy created more jobs than expected in April raising prospects for energy demand & lifting prices to their highest level in a month.
Natural gas futures remained range-bound, after dropping below $4 per mmbtu, on speculation that demand for the heating and power-plant fuel will slump amid milder weather.
The number of natural gas drilling rigs working in the US fell by 12 in the latest week to 354, according to oil field services company Baker Hughes Inc.
Gold holdings of SPDR gold trust, the largest ETF backed by the precious metal, declined to 1,065.61 tons, as on May 3.
Silver holdings of ishares silver trust, the largest ETF backed by the metal, declined to 10,431.39 tons, as on May 2.
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Gold imports by India, the world’s largest consumer, are poised to fall after the central bank restricted overseas purchases by banks to reduce domestic demand and curb a record current-account deficit.
Banks will be allowed to import bullion on a consignment basis to meet only genuine needs of exporters of gold jewelry, the Reserve Bank of India said in its annual monetary statement.
The US economy created a net 165,000 jobs in April much higher than market expectation, as per the Labor Department.
The dollar index, a measure of the greenback’s moves against six other major currencies, fell to 82.122 from 82.234 on late Thursday.
The dollar surged more than 1% againstthe yen on Friday, after surprisingly strong US April jobs data fuelled optimism that the US economy may be more resilient than some had feared.
Copper futures rallied nearly 7%, its biggest oneday percent gain in over two and a half years while other metals too rallied, as the US jobs data brightened demand prospects for the industrial metal.
Copper futures for July delivery closed up by 6.5% at $3.307 on the COMEX division of the NYMEX.
Crude oil futures rallied, after reports showed that the US economy created more jobs than expected in April raising prospects for energy demand & lifting prices to their highest level in a month.
Natural gas futures remained range-bound, after dropping below $4 per mmbtu, on speculation that demand for the heating and power-plant fuel will slump amid milder weather.
The number of natural gas drilling rigs working in the US fell by 12 in the latest week to 354, according to oil field services company Baker Hughes Inc.