Bengaluru — Gold prices inched up on Thursday, supported by a decline in US Treasury yields amid prospects of an interest rate cut by the Federal Reserve, while investors sought direction from upcoming US non-farm payrolls data.
Meanwhile, US President Donald Trump nominated Christopher Waller and Judy Shelton to the US Federal Reserve Board — both candidates are seen as dovish in their policy stance. Lower yields and expectations of the Fed cutting interest rates at its July 30-31 meeting weighed on the dollar. However, Asian stocks tracking sharp gains on the Wall Street provided headwinds to the bullion’s price.
“Next up for the gold rally is the US employment report. Nothing short of an incredible number of jobs and wages over the forecast will be enough to dampen the Fed interest rate cut narrative that is keeping the yellow metal on the rise,” Alfonso Esparza, a senior market analyst at Oanda, said in a note.A report by payrolls processor ADP showed US companies added jobs in June, but fewer than analysts had forecast, raising concerns the labour market is softening.
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