Gold Edges Higher Amid Softer U.S. Dollar and CPI Expectations

Gold Weekly Forecast: Gold Investors Await US Labor Market Data

Financial markets in the US will remain closed in observance of the Labor Day holiday on Monday. On Tuesday, the ISM Manufacturing Purchasing Managers Index (PMI) for August will be featured in the US economic docket. Investors expect the headline PMI to edgehigher to 47.8 from 46.8 in July. A reading above 50, which would suggest that the business activity in the manufacturing sector recovered back into the expansion territory, could provide a boost to the USD with the immediate reaction and weigh on Gold.

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Gold Silver Rates

Gold Prices Down by Rs 8,500 and Silver Rs 14,500 in last Five Months

Gold prices witnessed a massive plunge in the past week and dropped to Rs 48,702 per 10 gram on the last trading day of the week. On Friday, gold prices registered a steep fall of Rs 519 on the MCX exchange, while the gold futures price of April 5, 2021, was closed at Rs 48,715 per 10 grams with a decline of 514 rupees on MCX on the last trading day of the week.

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