LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

Gold inches up as dollar eases after tepid U.S. jobs data

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Fri, Oct 05, 2018
11:00 pm
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

Gold edged higher on Friday, on track for its biggest weekly gain in six, as the dollar softened after data showed U.S. job growth slowed more than expected last month and a slide in stock markets burnished the appeal of bullion as a safe haven.

Spot gold was up 0.2 percent at $1,201.22 an ounce by 12:42 p.m. EDT (1642 GMT), and was on track to rise about 0.8 percent this week, the most since the week of Aug. 24.

U.S. gold futures gained 0.3 percent at $1,205.20 an ounce.

Gold was on track for a 0.8 percent weekly gain but even with that gain it remained down 12 percent from a peak in April largely due to strength in the dollar, which has benefited from a vibrant U.S. economy, rising U.S. interest rates and fears of a global trade war.

"The gold markets are still very short, which is highly unusual. In such a situation, a short covering rally can be expected if there`s anything to stimulate the market," said Walter Pehowich, executive vice president of investment services at Dillon Gage Metals.

"Overall, it`s just a wait-and-see attitude to see what happens in the run up to the mid-term elections in the United States" in November.

The dollar weakened and stock markets fell after data showed U.S. nonfarm payrolls increased by 134,000 jobs in September, the fewest in a year.

"The weaker-than-expected jobs data is supporting the overall current mood but the numbers were not disappointing enough to trigger fresh buying," said Heraeus precious metals trader Alexander Zumpfe.

"However, the data helped gold to establish itself above the pivotal $1,200 mark and I wouldn`t rule out a test of this week`s high at $1,208."

However, the Labor Department`s monthly employment report also showed a steady rise in wages, suggesting moderate inflation pressures, which could allow the Federal Reserve to maintain a path of gradual interest rate increases.

A weaker dollar makes the bullion less expensive for buyers using other currencies. But rising interest rates increase the opportunity cost of holding bullion.

Gold remains "relatively cheap, so attractive to value-based investors and others looking for a hedge" against uncertainty, said Societe Generale analyst Robin Bhar. Gold is seen as a safe store of value for investors during times of political and economic uncertainty.

Among other precious metals, spot silver gained 0.1 percent to $14.58, palladium rose 1.4 percent to $1,072, while platinum inched 0.2 percent lower at $820.70 an ounce.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Nureca Share Price: Investors are extremely happy with Nureca IPO listing gains

GameStop jumps nearly 19%; ''meme stocks'' fade after another wild ride

PAN Aadhaar Link Online Last Date: This will happen if you don't do what Income Tax dept has said! Do now via SMS

India Post GDS Recruitment 2021: Application for 233 vacant posts for Gramin Dak Sevaks in Delhi postal circle closes in two days! Check how to apply, TRCA allowances, age limit, eligibility and other details now

Shola Shoretire becomes Man Utd's youngest ever player in European competition

Gold Price Today – Yellow metal cheaper by Rs 160 on Thursday; Silver by Rs 18; Know what to expect today

Stocks to Buy with Anil Singhvi: GAIL is Special Pick today for experts Kunal Saraogi, Rakesh Bansal

Man United stroll into Europa League last 16

7th Pay Commission: DA, TA, DR, salary hike—what central government employees and pensioners must know

Delhi contactless ticketing system: THIS app allows you to book ticket on DTC buses through QR code

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved