Gold is getting brighter in anticipation of US jobs data

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Gold prices rose on Friday, with the dollar weakening slightly, while investors focused on US labor market data due later Friday, which is considered a key indicator of the pace of the Federal Reserve reducing monetary stimulus.

Spot gold rose 0.4 percent to $1,762.49 an ounce by 1124 GMT, while US gold futures rose 0.2 percent to $1,762.60 an ounce.

The dollar fell, which strengthened the attractiveness of gold to holders of other currencies.

Fed Chair Jerome Powell said another good jobs report was needed to start reducing the US central bank’s $120 billion monthly bond purchase program.

As for other precious metals, silver fell in spot trading by 0.1 percent to $22.57 an ounce, platinum rose 2.6 percent to $1,004.81 and palladium rose four percent to $2,038.12.

The article Gold is getting brighter in anticipation of US jobs data was written in Al Borsa Newspaper.