Gold sparkles as sustained gains push metal to seven-week high

COMEX Gold futures exploded in last session on weakness in the US dollar and sustained buying support after prices moved up further above $4000 per ounce. The yellow metal currently trades up 0.56% at $4329 per ounce. It spiked around 3.70% yesterday and currently lingers around seven-week high. US dollar index is lingering around 99.60 mark as weak labour market weighed on sentiments. The US private sector employment increased by 44,000 jobs in July, according to the July ADP National Employment Report produced by ADP Research. Overall trends in labour market remain tepid as jobs number has slowed down from a downwardly revised 95,000 jobs added in June. MCX Gold futures are up 0.70% at Rs 149538 per 10 grams after hitting high of Rs 149700 per 10 grams.

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