Gold prices opened on the Multi Commodity Exchange (MCX) on Monday at Rs 66,023 per 10 grams and hit an intraday low of Rs 65,900. In the international market, prices hovered around $2,178.97 per troy ounce.

Meanwhile, silver opened at Rs 74,181 per kg and hit an intraday low of Rs 74,112 on the MCX. The price hovered around $24.34 per troy ounce in the international market.

Manav Modi, Analyst, Commodity and Currency, MOFSL, “Gold price continues to mark record highs on the back of fall in Dollar Index US Yields, weak economic data points and increased expectations for a rate cut in June. Bullion marked its biggest weekly percentage increase since mid-October.”

The rise in the US unemployment rate by 0.2% to 3.9% and moderation in wage gains offset job additions of 275,000 against expectations of 195,000 in February, supporting the metal prices. Along with US jobs data, US retail sales, factory orders, and private payroll data were reported lower than expectations.

“The dollar index was trading around 102.70 mark, inching lower from ~104. Similarly, the yield on the 10-year US Treasury fell to a more than one-month low, currently trading ~4.05%. Traders boosted bets the Fed could start cutting interest rates in May to around 30% after the jobs report, although June remained the mostly likely scenario at 73%. The economic calendar this week has some important data points in the docket like the US CPI, PPI, IIP and UK GDP,” said Modi.

Echoing similar views, Jateen Trivedi, VP Research Analyst, LKP Securities, “Gold prices continued their positive momentum, buoyed by a weaker dollar that propelled Comex Gold above the $2150 mark. In the domestic market, MCX Gold confidently surpassed the 66000 level, marking a substantial gain of 2000rs for the week.”