Gold Rises On Fall In US Job Growth

Gold futures closed higher in the domestic market on Friday after a reading on U.S. job growth fell short of forecasts for a strong payrolls jump in May and cast some doubt on the pace of gold-negative U.S. interest-rate hikes this year.

The U.S. added a modest 138,000 new jobs in May and hiring earlier in the season was weaker than initially reported, adding to evidence that the tightest labor market in years is making it harder for companies to fill open jobs.

At the MCX, gold futures for June 2017 contract ended at Rs 28905 per 10 grams, up by 0.88 per cent, after opening at Rs 28,629 against a previous close of Rs 28,652. It touched the intra-day high of Rs 28,905.

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Suhani Verma

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