Gold prices rise, head for four-day uptrend
Gold rises for a fourth straight session, supported by a weaker dollar and lower Treasury yields, as markets await the U.S. jobs report.
Gold prices rose during Thursday's trading, heading for a fourth consecutive session of gains, supported by a weaker US dollar and lower Treasury yields, amid growing hopes that the Strait of Hormuz could soon reopen.
Spot gold earlier hit its highest level since June 18 at $4,303.4 per ounce, after surging more than 4% on Wednesday, marking its strongest daily gain since February.
Tony Sycamore, a market analyst at IG, said the rally was driven by increasing optimism over a possible diplomatic breakthrough in the Middle East, which could ease upward pressure on oil prices, Reuters reported.
Investors are now awaiting the release of the US nonfarm payrolls report for July on Friday, after the ADP report showed private-sector hiring slowed last month.
|
Price changes in precious metals (Futures and Spot Markets) |
|||
|
Metal |
Price (US$/oz) |
Change (US$) |
Change (%) |
|
Gold (October Futures) |
4,289.00 |
+16.20 |
+0.40% |
|
Gold (Spot) |
4,262.36 |
+16.96 |
+0.40% |
|
Silver (September Futures) |
62.38 |
+0.09 |
+0.15% |
|
Silver (Spot) |
62.02 |
-0.05 |
-0.10% |
|
Platinum (Spot) |
1,750.36 |
+15.50 |
+0.91% |
|
Palladium (Spot) |
1,370.25 |
+6.59 |
+0.48% |
Commodity Price
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