Gold rose above the important psychological $1,700 level on Friday as the dollar paused as investors await key US jobs data, amid expectations that the Federal Reserve’s hawkish policy will continue in the next few months.
* As of 1111 GMT, spot gold was up 0.5% at $1,704.90 per ounce. So far this week, the gold metal is down nearly 2%, after hitting a six-week low of $1,687.60 on Thursday.
* US gold futures were up 0.4% at $1,716.30.
* “We have seen a small decline in the dollar which is lifting gold, but the metal does not have much room for a rebound as markets are pricing in a large increase in interest rates,” said Carlo Alberto De Casa, external analyst from KinesisMoney.
* “Investors want to know how aggressive the Federal Reserve can be and a strong jobs data will put more pressure on the central bank to raise rates, which is negative for gold,” he added.
* The dollar index fell 0.3%, but remained close to the 20-year high reached in the previous session.
* After a series of recent economic data from the United States confirmed that its economy is not headed for recession, investors are now awaiting the non-farm payrolls report for August at 1230 GMT.
* In other precious metals, spot silver was up 0.6% at $17.9473 an ounce; platinum was up 0.5% at $832.87; and palladium added 2.1% to $2,053.98.
Samuel Edwards is the name you must have heard many times while reading reports related to Finance, that’s what he is good at. From Major Investments to Stock Market Updates, he got ’em all. Be ready to blow your mind by the mind-blowing reports of Finance World from Samuel Edwards.