Gold prices rose on Friday after a slightly weaker-than-expected US jobs report pushed the dollar and Treasury yields lower, offering some respite to bullion, reports Reuters.
Nonfarm payrolls increased by 187,000 jobs last month, the Labor Department said in its closely watched employment report. Economists polled by Reuters had forecast a gain of 200,000 jobs.
Spot gold rose 0.5 per cent to $1,943.09 per ounce by 09:23 a.m. EDT (1323 GMT). Bullion, however, was down 1 per cent so far this week. US gold futures gained 0.5 per cent to $1,978.60.
"The jobs report has allowed the market to propose that the Federal Reserve is not as likely to raise interest rates. As a result, we've seen bond yields drop along with the dollar and that is certainly supporting the price of gold," said David Meger, director of metals trading at High Ridge Futures.
Gold regains ground as US dollar, yields tick lower
FE Team | Published: August 04, 2023 21:17:29
Gold regains ground as US dollar, yields tick lower
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