US gold futures rise on uncertainties over global economic recovery
Pure gold ore is shown on the stone floor of a mine. Picture: 123RF/PHAWAT KHOMMAI— Gold on Friday was hovering near a two-week high hit in the previous session as investors awaited the US jobs report to gauge the health of the economy after grim economic indicators raised the prospects of more rate cuts by the Federal Reserve.
The metal gained about 2% on Thursday on the back of bleak US economic data, which along with uncertainties over global economic recovery and US-China relations, lifted bullion higher by about 0.9% so far this week. US nonfarm payrolls data, due at 12.30pm GMT, is forecast to have plunged by a historic 22-million in April, which would blow away the record dive seen during the 2007-2009 recession.
Financial markets began pricing in a negative US interest rate environment for the first time on Thursday, while the Bank of England kept the door open on Thursday for more stimulus in June.
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