2024-02-02T05:06:46+00:00
A-
A
A+
/ Gold prices are heading for their biggest weekly gain in seven weeks on Friday, as the dollar and US Treasury yields retreated, while traders await key US jobs data to be released later to speculate on when the Federal Reserve might start cutting interest rates.
Spot gold was at $2,053.89 an ounce by 0335 GMT. The metal has risen 1.8 percent this week, on track for its best weekly gain since December.
Meanwhile, US gold futures settled at $2,071.10, according to Reuters.
Lower interest rates boost the appeal of the non-yielding yellow metal.
Spot gold rose about 1 percent on Thursday after data from the U.S. Labor Department showed initial claims for unemployment benefits rose more than expected last week.
A separate report showed that U.S. worker productivity grew at a faster-than-expected pace in the fourth quarter.
Investors’ focus will shift to US non-farm payrolls data due at 1330 GMT.
Concerns about the US regional banking sector have increased demand for safe-haven assets such as bullion and Treasuries.
The dollar index is down 0.4 percent so far this week.
US Federal Reserve Chairman Jerome Powell backed away from the idea of cutting interest rates in the spring, but expressed confidence that inflation would move toward the target range of 2 percent.
Among other precious metals, spot silver fell 0.2 percent to $23.13 an ounce, platinum lost 0.2 percent to $911.24 and palladium rose 0.4 percent to $966.42.