Commodity World …


Gold futures rose nearly 1% , snapping a 4-day losing streak, after a disappointing U.S. non-farm payrolls data dampened talks of an early interest rate rise by the Federal Reserve and increased bullion’s safe haven appeal.

However, the yellow metal posted a 1% drop for the week, its third consecutive weekly loss.
The gold holdings of SPDR gold trust declined to 801.84 tons as on July 25, while that of ishares Silver trust increased to 10,014.63, as on July 24.

The U.S. job growth slowed in July while the unemployment rate unexpectedly rose, pointing to slack in the labor market that could give the Fed room to keep interest rates low for a while.

The non-farm payrolls increased 209,000 last month, while the unemployment rate also rose to 6.2%.
Gold futures rallied on Friday, giving a break-out from its consolidation range above the resistance line and have also closed above the same. Gold’s momentum looks positive with immediate resistance seen at 28300 and next at 28430- 28750, while on the downside support holds at 28100 and 27900.

Silver futures continue to consolidate in a range, as prices rallied in Asian and European sessions, but pared most of its gains in the U.S. trading session. Also prices are unable to sustain above the resistance line, suggesting caution among investors/ traders. Silver now holds resistance at 44750 and next at 44800, while support level holds at 44270 and next at 44050.

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