Gold reclaims $4,000 as weaker dollar boosts safe-haven demand

Gold rebounded above the $4,000-an-ounce mark after touching an eight-month low earlier this week, supported by a softer U.S. dollar as investors awaited the closely watched June U.S. jobs report for fresh cues on the Federal Reserve's policy path. Sentiment improved after weaker-than-expected ADP private payrolls data and easing inflation expectations reinforced hopes that the Fed may refrain from further tightening in the near term, despite officials maintaining a cautious stance. Lower oil prices, driven by progress in U.S.-Iran negotiations and easing Middle East supply concerns, also helped support bullion. Meanwhile, MCX August gold futures rose 0.2% to Rs 144,655 per 10 grams.

Powered by Commodity Insights