Gold is stuck in a range ahead of jobs report
The metal is range-bound as investors await US nonfarm payrolls for further clues on the economy, after the ECB’s dovish policy stance boosts the dollar against the euro
Bengaluru — Gold was range-bound on Friday as investors awaited the US jobs report for further clues on the economy, after the European Central Bank’s (ECB) dovish policy stance spurred the dollar against the euro, while the metal was on track for a second consecutive weekly decline. Spot gold was up 0.1% at $1,286.91/oz as of 4.08am GMT. The metal, earlier this week, hit a more than five-week low and was down about 0.5% so far for the week. US gold futures were also up 0.1% at $1,287.60/oz. The dollar was holding near its new 2019 high posted in the previous session after the ECB postponed an interest rate hike until 2020 and offered banks a fresh round of loans to prevent a credit crunch that could worsen the EU’s economic slowdown. “ECB decision echoed US dollar strength, and we saw risk aversion and, while the dollar rose US bond yields fell on safe-haven demand so, there was a bit of a conflict,” said Ilya Spivak, a senior currency strategist at DailyFX. While falling yields ma...
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