Palladium and platinum come close to their biggest weekly fall since November
Bengaluru — On Friday, gold bounced back from multi-week lows and the dollar slipped ahead of a key US jobs report as investors fret over increasing signs of a global slowdown.
“The expectation is for a slowdown [in the jobs data], and if that happens it is certainly a bullish signal for gold only because it is slightly bearish for the dollar. If the numbers are in line or worse than expected, gold could rally above $1,300,” said David Govett, head of precious metals at Marex Spectron.
The dollar index was down 0.3%, having hit a near three-month peak in the previous session after the European Central Bank postponed an interest rate hike until 2020, making gold cheaper for holders of other currencies. Equities also stumbled after weak export data from China heightened market fears about a global economic slowdown, a day after the ECB slashed growth forecasts for the bloc. Investors are now focused on the US non-farm payroll data, due at 1.30pm GMT.
Investors also kept a close eye on trade talks between the US and China. US President Donald Trump said on Wednesday that the talks were moving along well and predicted either a “good deal” or no deal.
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