Bullion recovers above $3300 as dollar weakens; bargain buying

Bullion futures ascended above the $3300 mark in Asian trading hours on Monday, staging a notable recovery after last week's nearly 3% decline. The rebound was underpinned by renewed bargain buying and a pronounced retreat in the US dollar, which slipped to 96?its weakest level since February 2022?amid mounting fiscal headwinds and increasingly dovish signals from the Federal Reserve. August bullion futures on MCX edged 0.5% higher to ₹95940 per 10 grams. Market participants are now turning their focus to a series of pivotal US labor market releases this week, including JOLTS job openings, the ADP employment report, and Friday?s non-farm payrolls data, all of which could prove instrumental in shaping near-term monetary policy expectations and further influencing bullion?s trajectory.

Powered by Commodity Insights