Gold Poised for Weekly Gain; Silver Touches Over 13-Year High
Gold firmed on Friday and was poised for a weekly rise after U.S. data this week boosted hopes of interest rate cuts by the Federal Reserve, while silver hit a more than 13-year high.
Spot gold was up 0.28% at $3,360.60 an ounce. Bullion has gained 2% for the week so far.
U.S. gold futures climbed 0.29% to $3,384.87.
"The disappointing jobless claims data, indicating potential labour market weakness, has had a more substantial impact on gold prices than the optimism stemming from President Trump's call with President Xi," said Alexander Zumpfe, a precious metals trader at Heraeus Metals Germany.
U.S. President Donald Trump and Chinese leader Xi Jinping held a rare call on Thursday amid trade tensions and a dispute over critical minerals.
The number of Americans filing new applications for unemployment benefits increased to a seven-month high last week, the Labor Department showed Thursday.
Markets are now eyeing the upcoming U.S. non-farm payroll report, due at 1230 GMT, after a series of data releases this week signalled softness in the labour market.
Economists polled by Reuters forecast non-farm payrolls increased by 130,000 jobs in May, while the unemployment rate is expected to remain steady at 4.2%.
Meanwhile, spot silver held steady at $36.16 per ounce, after hitting a more than 13-year high earlier in the session, propelled by robust industrial demand and ongoing supply deficits.
Source : Reuters
