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Gold heads for first weekly rise in five on easing Fed rate hike bets
Gold rose on Friday and was headed for its first weekly gain in five, as investors dialled back expectations of Federal Reserve interest rate hikes following softer-than-expected US jobs data. Spot gold was up 0.5% to $4,144.83 per ounce, as of 0052 GMT, rising to its highest level since June 23. US gold futures for August delivery gained 0.8% to $4,157.50. Bullion was on track for a weekly gain of 1.2%, its first since May 25, as weaker-than-expected nonfarm payrolls and private payrolls data tempered concerns around inflation and higher-for-longer interest rates. Nonfarm payrolls increased by 57,000 jobs last ... (full story)
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From zawya.com | 6 hr ago
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