Gold heads for a 10-week low ahead of US nonfarm payrolls
Spot gold slips 0.3% to $1,288.18/oz as dollar rises against yen on strong US economic data
Bengaluru — Gold slipped on Friday, but was trading above the 10-week low touched in the previous session, as the dollar rose against the yen on signs of progress in the US-China trade dispute and strong US economic data. Investors are now awaiting the US jobs numbers for more signals on the strength of the economy. Spot gold slipped 0.3% to $1,288.18/oz by 0353 GMT, after touching its lowest since January 25 at $1,280.59/oz in the previous session. The metal was down about 0.3% so far this week. US gold futures were down 0.1% at $1,292.50/oz. “The market is expecting some positivity in the [payrolls] data today, so if it moves against expectations there might be some sharp fluctuations in the gold price,” said Benjamin Lu, an analyst with Singapore-based Phillip Futures. “There is a strong possibility that the risk appetite might get strong if economic indicators show some sort of upturn [in the economy’s strength] and we might see gold prices dropping.” US nonfarm payrolls data is...
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