Gold at over two-week high as dollar, yields weaken; US payrolls data awaited
GLD•GLD•GLD•GLD•Gold rose 1.57% to $4,123.39 an ounce on Thursday, reaching a more than two-week high as the dollar and Treasury yields weakened. Investors awaited Friday’s US payrolls report for clues on interest rates.
Spot gold was up 1.57% at $4,123.39 per ounce by 9:14 a.m. ET, after reaching $4,146.63, its highest level since October 20. Gold jumped 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.
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; Brent remained below $100 a barrel after falling nearly 9% in the previous session. Traders saw an 80% chance of a Federal Reserve rate hike in December, and investors awaited Friday’s non-farm payrolls report. Tai Wong said gold could be vulnerable to a stronger-than-expected payrolls print.
