Gold on track for its best week in 15
The metal is slightly stronger as the dollar weakens on renewed speculation of an imminent pause in the US Fed’s tightening cycle
Bengaluru — Gold prices edged higher on Friday and were on track for their best week in 15, as the dollar weakened on renewed speculation of an imminent pause in the US Federal Reserve’s tightening cycle. Markets now await US nonfarm payrolls data, expected at 1.30pm GMT, for clues about the health of the world’s biggest economy which could influence monetary policy. Nonfarm payrolls for November are expected to fall by 200,000 jobs. US unemployment and wage data are also expected on Friday. “Markets will be quiet until the US nonfarm payroll figure comes out,” said Peter Fung, head of dealing at Wing Fung Precious Metals. Spot gold climbed 0.2% to $1,239.90/oz by 4.43am GMT, having hit a near five-month peak at $1,244.32/oz in the previous session. With a rise of 1.5% this week, gold looked set to clock its best gain since the week of August 24. US gold futures were marginally higher at $1,244.2/oz. Gold participants were hopeful after The Wall Street Journal reported that Federal ...
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