Gold rises over 1% as dollar falls
Gold prices rose more than 1% on Thursday as the dollar weakened
Gold prices rose more than 1% in Thursday trading as investors awaited US nonfarm payrolls data due on Friday for clues on the future path of the Federal Reserve’s monetary policy.
The dollar index, which measures the US currency against a basket of six major currencies, fell 0.20% to 99.42.
The upcoming jobs report is the main driver of market trading this week, Reuters reported, citing Ilya Spivak, head of global macroeconomics at Tastytrade.
If the data comes in below expectations and the probability of a September rate hike declines, gold could extend its gains above $4,400 an ounce, heading toward $4,500 and $4,700, he said.
Data from the CME FedWatch Tool showed traders pricing in a 62% probability of a rate hike at the Fed’s meeting this month.
|
Precious metals prices |
|||
|
Metal |
Price ($/oz) |
Change ($) |
Change (%) |
|
Gold (October futures) |
4,443.00 |
+62.30 |
+1.40% |
|
Gold (spot) |
4,429.07 |
+47.39 |
+1.10% |
|
Silver (December futures) |
66.46 |
+0.997 |
+1.50% |
|
Silver (spot) |
65.97 |
+0.66 |
+1.00% |
|
Platinum (spot) |
1,776.56 |
+13.95 |
+0.80% |
|
Palladium (spot) |
1,356.25 |
+3.67 |
+0.25% |
Commodity Price
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