Gold heads for strongest week since January, US payrolls data in focus
GLD•Data and events
| DATA/EVENTS (GMT) | |
| 0600 | Germany Industrial Output MM Jun |
| 0600 | Germany Industrial Production YY Jun |
| 0600 | UK Lloyds House Prices MM, YY Jul |
| 1230 | US Non-Farm Payrolls Jul |
| 1230 | US Unemployment Rate Jul |
| 1230 | US Average Earnings YY Jul |
| - | China Exports, Imports YY Jul |
| - | China Trade Balance USD Jul |
Gold steadies as weekly gain builds
Gold steadied on Friday and was on track for its biggest weekly gain since January, helped by weaker oil prices, while investors awaited key U.S. nonfarm payrolls data for clues on the interest rate outlook.
- Spot gold XAU= was little changed at $4,235.57 per ounce, as of 0045 GMT, but was up 4.8% for the week. U.S. gold futures GCcv1 fell 0.1% to $4,293.80.
- U.S. President Donald Trump told reporters that he believed the war with Iran would be over soon and said the armed forces were experiencing issues with supplies of some weapons.
- Crude oil prices were headed for a weekly loss. Lower energy prices help ease inflation concerns and reduce expectations of higher-for-longer interest rates. Gold is an inflation hedge, but elevated interest rates tend to weigh on its appeal as it offers no yield. O/R
Payrolls data, Fed outlook and other metals
Market participants braced for the U.S. Labor Department's employment report for July, scheduled for release at 1230 GMT.
