Gold was trading higher in the Indian market on February 3 even as international prices remained unchanged above the key $1,800 an ounce level after US Treasury yields retreated following a dip in the jobs data.
At the Multi-Commodity Exchange (MCX), gold contracts were trading 0.37 percent higher at Rs 48,099 for 10 grams at 9.53 am and silver shed 0.07 percent to trade at Rs 61,289 a kilogram.
Gold bounced on February 2 as dollar and yields dropped after ADP data showed that approximately 3 lakh private jobs dropped. The metal also got supported from President Joe Biden’s decision to send troops to Eastern Europe over a Russian threat to invade Ukraine.
“Technically, we got stop in our first trade as gold bounced from $1,793 but buy above $1,804.50 proved to be profitable one,” said Vidit Garg, Director, MyGoldKart.