Gold Price Today Flat Near Rs 48,400, Investors Should Book Profit, Say Experts

The US Dollar continued to move lower on Thursday weighed down by the dovish Fed Chairman’s comments and lent support. Reinforcing Powell’s views, data showed the U.S. economy grew at a 6.5% annualized rate last quarter, below a forecast for an 8.5% rise by economists in a poll. Additionally, initial jobless claims declined by 24,000 to 400,000 vs. a forecast of 380,000 new claims in the week ended July 24, the government said. The data was slightly weak but suggested that the Delta variant of the virus has not caused severe damage to the labour market," said Sriram Iyer, senior research analyst at Reliance Securities.