© Reuters.
Investing.com – Gold prices are poised for their biggest weekly jump in five months on the final day of the week, Friday, hovering near a historic high, as comments from Federal Reserve Chairman Jerome Powell boosted bets on a mid-year interest rate cut, ahead of the jobs report. Home in the US later today.
Nikos Kavalis, managing director at Metal Focus, said: “While a wave of short-term speculative activity driven primarily by commodity trading advisors and algorithmic trading has sent gold higher, it is expectations of interest rate cuts in the not-too-distant future that are supporting prices. so far”.
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Powell emphasized that the Fed is “not far away” from gaining the confidence it needs in low inflation to start cutting interest rates, which he said is likely to happen in the coming months. Low interest rates enhance the attractiveness of the yellow metal, which does not generate a return.
Analysts and traders said that this rise in gold prices may dampen consumption during the wedding season in India, but China, the largest buyer of gold, will see strong demand for the safe haven this year.
The dollar is on track to record its largest weekly decline this year, making gold less expensive for holders of other currencies.
The market’s focus will be on the main US jobs data scheduled to be released at 16:30 local time to learn more about the labor market, after economic data showed yesterday that initial claims for unemployment aid stabilized at 217 thousand applications during the week ending March 2.
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Gold at settlement yesterday
Prices rose at the settlement session, yesterday, Thursday, as markets followed the testimony of Federal Reserve Chairman Jerome Powell before the Senate Banking Committee.
Upon settlement, gold futures prices for April delivery rose by 0.3%, or $7, at $2,165.2 per ounce, with the most active contract achieving a record level for the fifth session in a row, after touching $2,172.2.
Gold and dollar now
Gold futures are now up 0.16% to $2,168 an ounce.
While it rose by about 0.06% to $2161 per ounce. To remain close to a record peak of $2,164.09 recorded on Thursday.
On the other hand, it rises by about 0.08% to 102.852 points.
other metals
Platinum in spot transactions fell 0.3 percent to $916.48 per ounce, and settled at $24.32, while it rose 0.5 percent to $1,039.07. The three metals are heading for weekly gains.
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