The price of gold, considered a safe-haven investment, rallied today as bond yields fell, fears of an economic meltdown and a weakening dollar. US employment figures to be released. This is one of the main reasons for the rise in gold prices.
Employment data, like inflation and bond yields in the United States, is considered an indicator of economic trends. If a lot of people lose jobs it means the economy is not on a good track.
Hence, the value of gold has skyrocketed. Gold prices rose to Rs 52,125 per 10 grams in Mercantile Exchange (MCX) trading in India today. Spot gold price is at $1790.73 per ounce.