Barrick Gold Inc (GOLD)

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Gold Rate Today: Prices Recover On Slowing US Jobs Growth, Trade Near $1940 Per Ounce
MONEYCONTROL NEWS-AUGUST 07, 2023
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Market participants are now closely watching the US CPI data, a significant gauge of inflationary pressures. Fluctuations in CPI often correlate with changes in gold prices as the precious metal is often sought after as a hedge against inflation. Investors are also looking forward to the release of inflation and trade data from China



The lower-than-expected economic data prompted investors to turn to the safe-haven metal.


Gold kicked off the new week on a positive note, surpassing the $1940 an ounce mark. The uptick came on the back of the dollar's strong performance, which rose after the US added 187,000 jobs in July, slightly below the estimated 200,000.

The lower-than-expected economic data prompted investors to turn to the safe-haven metal. Moreover, this ascent follows a one percent dip in gold prices the previous week.

Moving forward, market participants are now closely watching the US consumer price index (CPI) data, a significant gauge of inflationary pressures. Fluctuations in CPI often correlate with changes in gold prices as the precious metal is often sought after as a hedge against inflation.

Investors are also looking forward to the release of inflation and trade data from China.

Latest Gold Prices:

The latest Mumbai Gold Rate on August 7 is as follows:

The 24-carat 999 gold bar of 10 grams is trading at Rs 5,940. On the other hand, the 22-carat gold rate for a 10-gm piece of jewellery stands at Rs 5,680, while the rate for an 18-carat jewellery item is Rs 4,680. These prices have been sourced from Shree MumbaDevi Dagina Bazaar Association, and do not include a 3 per cent Goods and Services Tax (GST).



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