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Global gold prices rose today, Friday, as US Treasury yields and global equities declined, boosting demand for the precious metal, which is seen as a safe haven ahead of the employment data in non-farm sectors in the United States, but the strength of the dollar puts gold on a path of weekly decline.
In spot trading, gold rose 0.3% to $ 1,935.80 an ounce, close to the lowest level in a week, which it reached Thursday, and gold prices fell 1.5% since the beginning of this week, and US gold futures were up 0.2% to $ 1,941.30.
“What we’re seeing in gold is kind of a runoff right now, because equity markets are down … Gold may also help the steep drop we’re seeing in US yields,” Edward Meer said. , an analyst at ED&F Man Capital Markets.
Asian stock markets fell, following the biggest selloff on Wall Street since June, while record 10-year US Treasury yields are on track for their biggest weekly decline in nearly three months.
Lower bond yields lower the opportunity cost of owning nonperforming gold.
All eyes are on the non-farm payroll numbers in the United States scheduled to be released at 1230 GMT for the latest indication of the performance of the economy affected by the Coronavirus.
For the other precious metals, silver was up 0.2 percent at $ 26.66 an ounce, but is down 3 percent since the start of the week. Palladium rose 1 percent to $ 2,309.50.
Platinum rose 0.5% to 894.05, but is on track to post its worst weekly performance since mid-March, down 4%.
