Quote on Market Movement 01st Aug 2025 by Deveya Gaglani, Senior Research Analyst-Commodities, Axis Securities Ltd
Below the Quote on Market Movement 01st Aug 2025 by Deveya Gaglani, Senior Research Analyst-Commodities, Axis Securities Ltd
MCX Gold prices declined by over 200 points in the last session, driven by profit booking followed by better-than-expected US economic data. The Employment Cost Index (QoQ) came in at 0.9%, compared to the expectation of 0.8%, which strengthened the greenback. Looking ahead, this evening’s US Non-Farm payrolls data will be crucial for Bullion prices. Any major surprise in the numbers could have a direct impact on the yellow metal, especially as the Fed continues to emphasise a data-dependent approach to future rate cuts. Meanwhile, the Dollar Index's rise above the $100 mark has further undermined gold's appeal as a safe-haven asset.
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