This is what is moving your Gold Prices; Up, down or sideways, know it all here

Want to buy gold? Looking to make money from it? If you want to make profit from it, here is what you should know now. Gold prices jumped last week as the US dollar index weakened to a 2-1/2-year low and a sharp slowdown in US jobs growth in November spurred hopes of additional stimulus aid, setting gold for its first weekly gain in the last four. However, optimism around coronavirus vaccine rollouts kept gains in check. Last week, international gold was up by 2.7% and at MCX it was up by 2.2%.

The US economy added the fewest workers in six months in November, with nonfarm payrolls increasing by 245,000 jobs last month after rising by 610,000 in October, the Labor Department said on Friday. Forecasts were for an increase by 469,000 jobs in November. Religare Broking says talks over a fresh pandemic relief package gathered momentum on Friday, as bipartisan US lawmakers worked to put the finishing touches on a new $908 billion bill.

Religare Broking says Gold’s gains were capped as Britain prepared to become the first country to roll out the Pfizer/BioNTech COVID-19 vaccine. Britain and the European Union will make a last-ditch attempt to strike a post-Brexit trade deal this week, with probably just days left for negotiators to avert a chaotic parting of ways at the end of the year.

The chair of the Federal Reserve and the secretary of the Treasury painted starkly different visions of the challenges facing the United States economy in the months ahead on Tuesday last week, further exposing a rift that began to show last month. While Jerome Powell, the Fed Chair, pointed to ongoing uncertainty over vaccine speed and distribution, the economic dangers of a surge in virus cases and the grim reality that many remain out of work while testifying before the Senate Banking Committee, Treasury Secretary Steven Mnuchin painted a sunnier image of the economic recovery, emphasizing state and local lockdowns as the main threat to growth.

What should you look out for?

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Religare Broking says in the week ahead, traders will watch for further developments in the US stimulus package. On the economic data front, major data to watch out for will be CPI, PPI, initial jobless claims and Michigan consumer sentiments.