Gold steady as investors await US jobs figures
Despite a weekly gain, gold prices have fallen more than 12% from a peak in April largely due to strength in the dollar
Bengaluru — Gold prices held steady in a narrow range on Friday ahead of a monthly US employment report that should yield further clues on the pace of monetary tightening. Spot gold edged up 0.2% to $1,202.16 an ounce at 10.33am GMT. It had gained 0.9% so far for the week, on track to mark its biggest weekly gain in six. US gold futures were up 0.4% at $1,205.70 an ounce. Despite the weekly gain, gold prices have fallen more than 12% from a peak in April largely due to strength in the dollar, which has benefited from a vibrant US economy, rising US interest rates and fears of a global trade war. "The fear is that the rising dollar is going to cause a huge rout in the emerging markets and investors want to hedge that risk," Think Markets UK chief markets analyst Naeem Aslam said. A Reuters survey showed economists on average expect nonfarm payrolls to have risen by 185,000 in September after a jump of 201,000 in August. Meanwhile, world markets steadied as a four-year high in oil pri...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.