Mumbai, 13 May (Commoditiescontrol): Gold prices rose on Monday, as weak U.S. employment data helped boost hopes of interest rate cut from the Federal Reserve.
Spot gold was up 0.1% at $2,361.69 per ounce. Bullion prices hit a more than two-week high on Friday. U.S. gold futures fell 0.3% to $2,368.10.
Data last week showed that the number of Americans filing new claims for unemployment benefits increased more than expected, offering more evidence that the labour market was steadily cooling.
Financial markets expect the U.S. central bank to start its easing cycle in September. Lower interest rates reduce the opportunity cost of holding gold.
Investors are now looking forward to the U.S. producer price index and consumer price index data due this week, both of which could significantly impact gold and silver prices.
Elsewhere, Israel sent tanks into eastern Jabalia in the northern Gaza Strip on Sunday after a night of heavy aerial and ground bombardments, killing 19 people and wounding dozens of others.
China's consumer prices rose for a third straight month in April, while producer prices extended declines, signalling an improvement in domestic demand, as Beijing navigates challenges in its bid to shore up a shaky economy.
South African diversfied miner Sibanye Stillwater is discussing with lenders to temporarily lift limits on borrowings, after weak platinum group metal (PGM) prices drove earnings 72% lower in the March quarter.
Spot silver rose 0.2% to $28.20 per ounce, platinum fell 0.3% to $991.53 and palladium lost 0.6% to $971.71.
(By Commoditiescontrol Bureau: 09820130172)
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