Gold rebounds as the dollar dips with all eyes on US jobs data
Palladium and platinum come close to their biggest weekly fall since November
Bengaluru — On Friday, gold bounced back from multi-week lows and the dollar slipped ahead of a key US jobs report as investors fret over increasing signs of a global slowdown. Spot gold rose 0.6% to $1,293.17 an ounce as of 10.58am GMT. Prices on Thursday hit a low of $1,280.91, which was a whisker away from a more than five-week low hit earlier this week. US gold futures gained 0.6% to $1,293.70. “The expectation is for a slowdown [in the jobs data], and if that happens it is certainly a bullish signal for gold only because it is slightly bearish for the dollar. If the numbers are in line or worse than expected, gold could rally above $1,300,” said David Govett, head of precious metals at Marex Spectron. “The market is also quite short at the moment, so we are seeing a bit of short covering on a Friday ahead of the non-farm payroll numbers from America.” The dollar index was down 0.3%, having hit a near three-month peak in the previous session after the European Central Bank (ECB)...
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