Investors await US jobs report, which will signal if the US Federal Reserve will retain its aggressive rate-hike stance
Bengaluru — Gold prices crawled higher on Friday ahead of a key US labour report, but the metal faces a third consecutive weekly loss on bets that the US Federal Reserve will retain its aggressive rate-hike stance.
Weaker-than-expected data could offer a temporary respite from gold selling, said Stephen Innes, managing partner at SPI Asset Management. However, “the market is still really playing on a higher-for-longer US interest rate narrative”. While US manufacturing grew steadily last month, factory activity in China, the eurozone and Britain fell. Major central banks are expected to continue with aggressive monetary policy tightening to rein in sky-high inflation but is also fanning fears of an economic slowdown.
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