Spot gold and US gold futures rise as dollar index falls to a one-month low
Bengaluru — Gold prices rose on Friday after the dollar weakened, with investors awaiting the US jobs data to gauge the Federal Reserve’s plans to start tapering asset purchases, though for the week, the metal was headed for its first decline in four.US gold futures were up 0.2% at $1,815.50.
“We’re seeing minor pre-positioning for people that may be wanting to take a punt into the non-farm payroll,” said Stephen Innes, managing partner at SPI Asset Management. Ahead of the labour department’s non-farm payrolls report, due at 12.30pm GMT, data showed the number of Americans filing new claims for jobless benefits fell last week, while layoffs dropped to their lowest level in more than 24 years in August.
While gold is considered a hedge against inflation and currency debasement, caused by huge stimulus measures, lower interest rates also reduce the opportunity cost of holding non-yielding bullion.
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