Spot gold climbs 0.3% after steepest Wall Street sell-off since June
Bengaluru — Gold prices rose on Friday, as US treasury yields fell and a pullback in global equities bolstered demand for the safe-haven metal ahead of the US non-farm payrolls report.
“It’s a bit of flight to safety right now we are seeing in gold because the stock markets are lower,” said Edward Meir, an analyst at ED&F Man Capital Markets. “What also could be helping gold is the sharp slide we are seeing in US yields.”Treasury yields were on track for their biggest weekly decline in nearly three months. Lower bond yields reduce the opportunity cost of holding non-interest bearing gold.
Gold is expected to be rangebound between $1,930/oz and $1,950/oz ahead of the non-farm payrolls report, said Stephen Innes, chief market strategist at financial services firm AxiCorp. “The reason for gold not sort of firing higher right now is because the dollar is picking up steam,” he added.
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