Ahead of US employment statistics, gold was having its best week in seven

Ahead of US employment statistics, gold was having its best week in seven

Ahead of US employment statistics, gold was having its best week in seven

By 0211 GMT, spot gold remained stable at $2,053.09 per ounce. Nevertheless, the contract has up 1.8% so far this week, and if gains hold, this would be the greatest weekly gain since late December.

Ahead of US employment statistics, gold was having its best week in seven.

As the dollar and Treasury rates declined and traders anticipated important US employment data later in the day to get an indication of the direction of the markets, gold prices on Friday were poised for their best week in the previous seven weeks. When the Federal Reserve can begin reducing interest rates may be approximated.

foundations

* At 02:11 GMT, spot gold remained stable at $2,053.09 per ounce. Nevertheless, the contract has up 1.8% so far this week, and if gains hold, this would be the greatest weekly gain since late December.

* The ounce of US gold futures stayed at $2,070.30.

* Initial unemployment claims increased higher than previous week, according to US Labor Department statistics, which caused spot gold to rise by almost 1% on Thursday.

According to a different survey, fourth-quarter productivity growth among American workers was more than anticipated.

* Beginning at 1330 GMT, investors' attention will be drawn to US non-farm payroll statistics.

* Concerns about the local banking industry and a rise in demand for safe-haven investments like Treasury bonds and bullion also helped to bolster U.S. metals.

* Benchmark 10-year Treasury note yields are almost at their lowest point since 2024, which is negatively correlated with bond prices. [US/]

* This week, the dollar index has dropped by 0.4% so far.

*U.S. The Fed dismissed long-standing hints of potential more rate rises in favor of expressing confidence that inflation would move toward the targeted 2% level. The Fed also rejected the notion of cutting interest rates in the spring.

* Money market pricing, as shown by LSEG's interest rate probability app IRPR, indicates that traders are confident in a rate decrease in May.

* Non-yielding bullion is more appealing when interest rates are low.

* Spot silver down by 0.3% to $23.10 an ounce, palladium increased by 0.1% to $962.91, while platinum decreased by 0.5% to $908.55.

Information/Occurrencies (GMT)

December Industrial Output by France, 07:45

January 1330 US Non-Farm Payrolls

December: 1500 US industrial orders MM

Final December Sentiment for 1500 US U Mitch