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Gold steady as dollar slides in run-up to U.S. jobs data

Category: Economy

Date: 2022-02-04T09:54:46+0000
Gold steady as dollar slides in run-up to U.S. jobs data

Shafaq News/ Gold prices were supported by a weaker dollar on Friday as markets awaited U.S. jobs data that could impact the Federal Reserve's hawkish stance on monetary policy, according to Reuters.

Spot gold edged up 0.1% to $1,805.90 per ounce by 0801 GMT. U.S. gold futures gained 0.2% to $1,807.20.

If the jobs report out of the United States encourages the Fed's hawkish mood, it should lead to a significant breakdown in gold, DailyFX currency strategist Ilya Spivak said.

Gold has gained about 0.9% this week as a pullback in the dollar lifted the appeal of bullion.

Despite a rebound in many assets that weakened because of the Fed's hawkish stance and the dollar pulling back, gold has not been able to mount a rally, which indicates significant underlying weakness, Spivak said.

Gold prices have more or less consolidated around $1,800 an ounce since slipping to a 1-1/2-month low last week after the Fed signalled a March interest rate hike to fight inflationary risks.

Gold is considered a hedge against inflation and geopolitical risks, but interest rate hikes would raise the opportunity cost of holding non-yielding bullion.

Concerns over a Russian invasion of Ukraine have also kept demand for the safe-haven metal intact.

Among other metals, spot silver gained 0.3% to $22.47 per ounce, platinum fell 0.4% to $1,029.49 and palladium rose 0.9% to $2,344.98.

(Reuters)

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