Gold rose 1% to $4,100.27 an ounce after reaching a more than two-week high of $4,146.63, as the dollar and Treasury yields weakened. Investors awaited Friday’s US payrolls report for clues on the Federal Reserve’s rate path.
Spot gold was up 1% at $4,100.27 per ounce by 2:05 p.m. ET on Thursday, after touching $4,146.63, its highest level since October 20. It rose nearly 3.4% on Wednesday, its biggest daily gain since August 19, and was up more than $250 this week from Friday’s one-year low of $3,869.85. December US gold futures settled 1% higher at $4,113.50 per ounce.
The dollar hovered at its lowest level since September 30, while the benchmark 10-year Treasury yield was near a two-month low. Lower oil prices eased inflation concerns after Brent crude fell nearly 9% in the previous session and remained below $100 a barrel. Traders saw a 66% chance of a Federal Reserve rate hike in December.
Investors awaited Friday’s US non-farm payrolls report for further clues on the Federal Reserve’s path. Tai Wong, an independent metals trader, said gold could be vulnerable to a stronger-than-expected report, which would likely confirm an already highly expected December rate hike.
