Gold prices shoot up early on Monday morning in Asian markets

Gold prices shoot up early on Monday morning in Asian markets

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Asian markets witnessed the precious yellow metal shooting up in the early trading on Monday. It was boosted by the retreating greenback. Gold hit a two-month high that gave fresh hopes to investors.

Gold futures jumped to USD 1820.10 by 0.18 per cent at 3:36 AM GMT (11:36 PM ET). It remained beyond the USD 1800 and reached the highest level after September 7, 2021 in the earlier session.

Meanwhile, the dollar inched down, positioning itself yet again inversely to gold on Monday.

Investors reacted to the US job report released on Friday. It displayed an unexpected surge in non-farm payrolls to 531,000 that were better than anticipated. Interestingly, the unemployment rate also edged down to 4.6 per cent in October.

Esther George, Kansas City, US Federal Reserve Bank said on Friday that there was no question about the US labour market being tight. She would be keenly looking at the inflation expectations and wage pressures that would unfold while gauging the economy closely following the full employment goal of the Fed.

Notably, the US Congress had passed a USD 1 trillion infrastructure bill on the same day to repair the country’s airports, bridges and roads.
The trade data of China was released on Sunday in the Asia Pacific region that exhibited that exports surged 27.1 per cent year-on-year during October month. On the other side, the imports gained 20.6 per cent year-on-year. Meanwhile, the trade balance remained at USD 84.54 billion.
On the other side, the Bank of Japan witnesses the requirement for the simplest monetary policy as inflation is ascending modestly, while the wage growth is feeble.
In other news, the demand for physical gold rose in India during the Diwali festive season last week. The country is one of the largest gold consumers globally.
Other precious metals also saw some movement in the market. Silver went up by 0.3 per cent, while platinum hiked by 0.2 per cent. Palladium advanced 0.5 per cent.

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