US EditionGold Rises as Dollar Slips, Focus Turns to US Jobs Data
Gold prices climbed over 4% since Friday, boosted by a 0.8% weaker dollar and anticipation of U.S. economic data influencing Federal Reserve policy.
- On Monday, spot gold rose 1.2% to $5,018.56 by 9:30 a.m. ET, extending a 4% rally from Friday, while U.S. gold futures for April delivery gained 1.3% to $5,042.20.
- Amid expectations for heavy U.S. data this week, the U.S. dollar fell more than one-week low, buoying gold prices as investors brace for Federal Reserve clues.
- U.S. nonfarm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll, while lower interest rates tend to support gold by reducing holding costs.
- Other precious metals showed movement as spot silver climbed to $80.22, spot platinum was at $2,092.95 and palladium remained steady at $1,707.25.
- Amid ongoing geopolitical risks, China's central bank extended its gold buying spree for a 15th month in January, with analysts noting psychological impact on the market.
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Gold for April delivery closed 2% higher, at $5,079.4 per troy ounce.
Gold rises on softer U.S. dollar, as investors brace for U.S. data
Spot gold prices rose to hover around the US$5,000-per-ounce mark on Monday, supported by a weaker U.S. dollar, as a slate of U.S. economic reports scheduled for this week brought investors’ focus back to the trajectory of interest rates.
Commodity wrap: gold back above $5,000/oz, oil reverses losses
Gold prices reclaimed the $5,000 per ounce mark on Monday as the dollar slipped against a basket of major currencies. Silver prices also surged more than 6% to trade around $82 per ounce. The white metal is gaining interest from reflation trades, driven by political developments in Japan and continuous US monetary easing expectations. Oil prices reversed early losses on Monday and rose nearly 1% amid ongoing progress in talks between the US and…
Gold (XAUUSD) Price Forecast: Rally Gains Steam as Dollar Weakens, NFP Looms
Daily US Dollar Index (DXY)The driving force today is the softer U.S. Dollar, which fell to its lowest level since January 30, down about 0.84%. A weaker dollar tends to drive up foreign demand for dollar-denominated assets like gold. The price action in both the dollar and gold suggests growing expectations for weak economic data, especially the labor market. Last week’s Challenger January layoffs report, the mid-week ADP private-sector hirings…
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