International and domestic gold and silver prices surged on Thursday as the dollar and government bond yields remained subdued.
The dollar fell against the euro after the ECB cut interest rates for the first time in nearly five years.
Additionally, weaker than expected U.S. employment data has raised expectations that the Fed will cut interest rates later this year.
Data on Thursday showed that weekly initial U.S. jobless claims rose by 8,000 to 229,000, signaling weaker labor market conditions than expectations of 220,000.
Meanwhile, central banks around the world continue to buy gold, helping to drive up prices.
Global gold reserves held by central banks increased by a net 33 tonnes in April this year, according to the latest data from the IMF.
From an intraday perspective, international gold prices opened flat in Asian markets early on Friday ahead of this evening’s key nonfarm payrolls data.
However, with interest rates due to be cut by the ECB and the Bank of Canada this week, the outlook for global interest rate cuts could limit any declines.
Internationally, COMEX August gold price range is $2,365 to $2,410 while MCX August gold price range is $72,700 to $73,400.
International silver prices opened flat in Asian markets early on Friday ahead of the release of key non-farm payroll data tonight.
The dollar and bond yields opened slightly higher but could be tempered ahead of the data release.
Internationally, COMEX July silver price range is $30,500 to $32,000 and MCX July silver price range is $91,800 to $94,900.
