Precious Metals
Gold Climbs on Release of Jobs Data
Gold prices increased on Friday as the American dollar retreated, after data showed U.S. jobless claims grew more than expected last week…
Gold prices increased on Friday as the American dollar retreated, after data showed U.S. jobless claims grew more than expected last week, providing some hope to investors that the Federal Reserve’s interest rate hikes could be less aggressive than feared.
Spot gold climbed 1.1% to $1,830.35 per ounce and was last down 0.02% at 1,830.57. U.S. gold futures rose 0.9% to settle at $1,834.60.
The number of Americans filing new claims for unemployment benefits increased by the most in five months last week, but the underlying trend remained consistent with a tight labour market.
Non-farm payrolls in the U.S. were due for release around 8:30 a.m. EST.
The dollar index slipped 0.37%, making bullion a more attractive bet.
On Wednesday, Fed Chair Jerome Powell reaffirmed his message of higher and potentially faster interest rate hikes, but emphasized that debate was still underway with a decision hinging on data to be issued before the U.S. central bank’s policy meeting in two weeks.
Spot silver gained 0.6% at $20.12 U.S. per ounce, platinum rose 0.8% to $945.02 U.S. and palladium added 2.1% to $1,401.53. U.S.
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