On why gold price surged for second week in a row, Sugandha Sachdeva, Executive Director & Chief Strategist at Acme Investment Advisors said, “Gold prices have been on an upwards incline for the last two consecutive weeks as the dollar index has softened amid hopes that the US Fed might hit the brakes on its tightening spree next week. The surge in US jobless claims to the highest level in 1-1/2-years as per the latest data has flagged worries about the fragility of the labor market, potentially pushing the US central bank to put an end to the interest rate hike cycle.”
On other reasons that fueled gold prices last week, Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart said, “Gold and silver prices registered gains from lower levels in the previous week due to weak cues from major economies.”Read more:
