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Last Updated : Jul 05, 2019 07:54 PM IST | Source: Reuters

Gold prices edge up ahead of US jobs data, set for seventh weekly gain

Spot gold was up 0.2% at $1,417.40 per ounce as of 0119 GMT. Prices touched $1,435.99 on Wednesday, the highest since June 25.


Gold prices inched up on Friday and were heading for their seventh consecutive weekly gain, with investors waiting for U.S. non-farm payrolls data later in the day for clues on the outlook for interest rate cuts.

FUNDAMENTALS

Spot gold was up 0.2% at $1,417.40 per ounce as of 0119 GMT. Prices touched $1,435.99 on Wednesday, the highest since June 25.

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The metal has risen 0.7% so far this week and is on track for its seventh consecutive weekly rise.

U.S. gold futures were down 0.1% at $1,419.90 an ounce.

All eyes are on U.S. non-farm payrolls, due later in the day, which are expected to have jumped by 160,000 in June compared with 75,000 in May.

The U.S. Federal Reserve holds its two-day policy meeting on July 30-31 and futures are fully pricing in a 25-basis-point cut.

The dollar index was relatively unchanged against a basket of major currencies on Friday.

U.S. Treasury yields fell on Wednesday with 10-year yields hitting their lowest in over 2-1/2 years.

Asian shares hovered near two-month highs on Friday, holding recent gains.

Australia's OceanaGold Corp said on Thursday that it had stopped trucking at its Didipio gold and copper mine in the Philippines after a dispute with the provincial government over its licence to operate at the site.

Investors pulled $15.1 billion from equity funds after near record selling in the United States ahead of the G20 Summit, and piled $6.3 billion into bonds in the four trading days to July 2, Bank of America Merrill Lynch (BAML) said on Thursday.

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First Published on Jul 5, 2019 09:21 am
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