Gold prices rose by 0.28 per cent on Thursday with investors cautious ahead of the end of the week jobs report that will provide clarity on the prospects for Fed rate hikes going forward. A mixed bag of US economic data provided few indications on the long-term path of the economy, potentially leaving the Federal Reserving at an impasse while it weighs the timing of its next interest rate hike. Gold futures for June 2016 contract, at MCX, were trading at Rs. 30,074 per 10 grams, up by 0.28 per cent after opening at Rs. 30,120 against the previous closing price of Rs. 29,991. It touched the intra-day high of Rs. 30,149 till the trading.

However, a stronger dollar reduced the appeal of gold as an alternative asset. Stronger greenback makes the bullion expensive for those holding other currencies, thus reducing demand.

Crude oil prices rose by 0.31 per cent on Thursday as regional investors took a drop in US production as bullish. Investors digested the sharpest one-week production decline in US production in nearly a year and a stronger than expected build in domestic crude stockpiles last week.

At the MCX, crude oil futures for May 2016 contract were trading at Rs. 2,978 per barrel, up by 2.65 per cent, after opening at Rs. 2,925 against the previous closing price of Rs. 2,901. It touched the intra-day high of Rs. 2,985 till the trading.

However, gains were limited after the US Energy Information Administration (EIA) said in its Weekly Petroleum Status Report that US commercial crude inventories increased by 2.8 million barrels for the week ending on April 29 in comparison with the previous week indicating that the demand for the commodity in US, world’s largest consumer of crude oil is weak.

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