Gold rebounds from one-week low, MCX futures near Rs 96800 mark

COMEX Gold futures tested one-week low today, extending losses after a sharp decline on Friday. Gold came off highs around $3400 per ounce and tanked after the US dollar index rose and yields firmed up following a steady nonfarm payrolls report. The non-farm payroll employment shot up by 139,000 jobs in May after jumping by a downwardly revised 147,000 jobs in April and displaying a stable trend in the US labour market. This pulled Gold down near $3310 per ounce before some support emerged for the metal today. COMEX Gold futures are currently quoting at $3347 per ounce, up marginally on the day. MCX Gold futures are trading at Rs 96820 per 10 grams, down 0.22% on the day after opening sharply lower near Rs 96300 mark.

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