Gold Poised for Sixth Week of Gains; US Payrolls Data in Focus
Gold firmed on Friday and was on track for a sixth consecutive week of gains on a trade war-fuelled safe-haven demand, while attention turned to the upcoming U.S. non-farm payrolls report for cues on the Federal Reserve's interest rate path.
Spot gold gained 0.4% to $2,868.60 per ounce as of 0931 GMT, rising more than 2% this week. Bullion hit an all-time high of $2,882.16 on Wednesday.
U.S. gold futures added 0.6% to $2,893.20.
The new administration appears committed to using tariffs, casting a dark shadow over global economic growth prospects, further enhancing the appeal of safe-haven gold, said Ricardo Evangelista, senior analyst at ActivTrades.
Earlier this week, U.S. President Donald Trump kick started a trade war as he followed through on his threat to impose duties on China. Meanwhile, Trump granted Mexico and Canada a one-month reprieve.
The new administration appears committed to using tariffs, casting a dark shadow over global economic growth prospects, further enhancing the appeal of safe-haven gold, said Ricardo Evangelista, senior analyst at ActivTrades.
Earlier this week, U.S. President Donald Trump kick started a trade war as he followed through on his threat to impose duties on China. Meanwhile, Trump granted Mexico and Canada a one-month reprieve.
A strong economy with full employment and easing inflation allows the Fed to cut rates, but tariff uncertainties call for caution, Chicago Fed President Austan Goolsbee said.
Gold's physical demand in India and China was muted due to record prices. Perth Mint's January gold sales hit a 10-month low, while silver sales plunged 61% from the previous month.
Spot silver rose 0.4% to $32.33 per ounce, platinum added 1.2% to $997.25 and palladium gained 0.9% to $987.20.
Source : Reuters
