The Friday morning witnessed a surge in gold prices, precisely in Asian markets after the performance of the US dollar steadied and tumbling of the US share markets.
The Gold future rose by 0.30% to $1,943.40 (03:56 AM GMT). However, they still remain on the lower side compared to the previous day’ session when they touched $1,955.90 mark.
The hike in gold happened simultaneously with the dampening of the dollar’s value in the market. However, it has recovered compared to other major currencies. Notably, the US Federal Reserves has decided to keep the benchmark of the interest rates low for years to come, which is expectedly support gold, which pays no dividends and interest rates.
The levelling of the US labour market is also supporting the valuation of gold prices.