GolGold Rate Today: Gold Rises Slightly Ahead of US Payrolls Data; set for third weekly rate of decline today: Gold edged higher ahead of US payrolls data; planned for the third week of autumn

GolGold Rate Today: Gold Rises Slightly Ahead of US Payrolls Data; set for third weekly rate of decline today: Gold edged higher ahead of US payrolls data; planned for the third week of autumn
GolGold Rate Today: Gold Rises Slightly Ahead of US Payrolls Data; set for third weekly rate of decline today: Gold edged higher ahead of US payrolls data; planned for the third week of autumn

Gold prices rose on Friday ahead of a key U.S. labor report, but the metal faces a third straight weekly loss on bets that the U.S. Federal Reserve will maintain its aggressive rate hike stance.
Spot gold rose 0.2% to $1,699.40 an ounce at 03:49 GMT, 0055 GMT, but was down 2% for the week so far.
US gold futures rose 0.1% to $1,710.50.
The dollar index was down slightly from a 20-year high reached in the previous session, but was on track for a third consecutive weekly rise.
Weaker-than-expected data could provide temporary respite for gold selling, said Stephen Innes, managing partner at SPI Asset Management.
However, “the market is still really playing on a scenario of higher US interest rates for longer”.
US non-farm payrolls data is due at 12:30 GMT and is expected to show 300,000 jobs were added in August.
Thursday’s data showed the number of Americans filing new claims for unemployment benefits fell to a two-month low last week, while layoffs fell in August, suggesting the central bank should continue to aggressively raise rates.
While US manufacturing grew steadily last month, factory activity in China, the euro zone and Britain fell.
Major central banks are expected to continue aggressively tightening monetary policy to contain soaring inflation, but they are also stoking fears of an economic slowdown.
Although gold is considered a hedge against inflation and economic uncertainty, higher interest rates increase the opportunity cost of holding bullion.
Technical support is not evident until $1,675/oz and gold could easily get there given the current rate of decline and generally bearish environment for the precious metal, said ED&F analyst Edward Meir. Man Capital Markets in a note.
Find the money and platinum were flat at $17.84 and $828.00 an ounce, respectively. Palladium rose 1.1% to $2,035.69. They were also heading for a third straight weekly drop.

The article is in French

. GolGold Rate Today gold progress slightly ahead of the data on payroll at United States fixed for third rate fall weekly today gold progress slightly ahead of the data on payroll in the United States planned for third week autumn news of international business

. GolGold Rate Today Gold Rises Slightly Ahead Payrolls Data set weekly rate decline today Gold edged higher ahead payrolls data planned week autumn

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