Dollar is at decline specially in the Asian Market while gold making new trend. Investors always prefer for those currency or make their investment where they could get better return. Gold as surged to a record high due to which investors pounced on the metal in volatile trade after data showed US employers cut a bigger-than-expected 190,000 jobs in October.
The precious metal hit a record high at $1,100.90 per ounce earlier, having gained more than 30 per cent this year. Dealers also said the market continued to find residual support from the prospect of central bank buying of gold to diversify their reserves.
Country like China where a huge demand of Gold is witnessed are converting its reserve into Gold. Indian tend towards Gold come up this when Indian gets about 200 tones of gold from International Monetary Fund to its Reserve Bank of India for $6.7 billion.
Although the US economy is rebounding from its deepest slump since the 1930s, but gradually and slow. Employers aren’t expected to start adding jobs for several more months. Many are skeptical about the strength and sustainability of the recovery,
The central bank community for the first time in 20 years is possibly going to be a net buyer of gold having been a net seller since 1988. Today the market will also focus on the US jobs data and how the dollar reacts.
Upward trend of Gold is also seen in Pakistan, where gold prices are sky rocketing and gone beyond the reach of general people.