Gold prices hit fresh record highs on Friday after a soft U.S. jobs report cemented hopes of a Federal Reserve interest rate cut, fuelling fresh momentum for bullion's blistering rally.
Spot gold was up 0.9% at $3,577.33 per ounce, as of 12:34 GMT. Prices hit a record high of $3,582.71 and were up 3.7% so far this week.
U.S. gold futures for December delivery rose 0.9% to $3,637.00.
Data showed that U.S. job growth weakened sharply in August while the unemployment rate increased to 4.3%, confirming that labor market conditions were softening and sealing the case for an interest rate cut from the Federal Reserve this month.
Bullion, which doesn't pay interest, tends to shine when rates are low and uncertainty is high, making it a go-to asset for investors seeking safety.
China and India are top gold consumers. Physical demand for gold in these hubs dropped this week due to record high prices.
August gold in reserves data from China's central bank, due on Sunday, will not catch the September record highs, but may still provide more clarity on how demand from central banks was being affected by high bullion prices.
Among other metals, spot silver rose 1% to $41.09 per ounce and was heading for its third straight weekly gain.
Platinum gained 2.2% to $1,396.97 and palladium was down 0.2% at $1,125.44.
Source : Reuters
Gold prices held steady on Friday (October 3), poised for a seventh consecutive weekly gain, driven by expectations of further US interest rate cuts and concerns over the economic impact of a prolonge...
Gold edges higher in early Asian trade, aided by risks that the U.S. government shutdown may weaken the economy, potentially prompting more Fed rate cuts that would bolster the appeal of the non-inter...
Gold (XAU/USD) trades with a negative bias on Thursday, trimming recent gains after posting a fresh all-time high near $3,895 on Wednesday. At the time of writing, XAU/USD trades around $3,820 during ...
Gold rallied – after a five-day rally that reached a new record – as the US government shutdown deepened and traders increased bets on a Federal Reserve interest rate cut following weak private payrol...
Gold held steady near a record high on Thursday (October 2nd), as rising expectations of further US interest rate cuts this year and political uncertainty stemming from the controversial US government...
The S&P 500 closed mostly flat on Friday, the Dow Jones extended its record run, rising 240 points finisheing at 46,758 after briefly surpassing 47,000 during the session, while the Nasdaq slipped 0.3% as the US government shutdown entered its...
Federal Reserve (Fed) Bank of Dallas President Lorie Logan struck a nervous tone on Friday, warning that despite a rapidly-weakening labor market, a lot of potential policy moves could accidentally spark another round of renewed inflationary...
If it just seems like the first Friday of the month wasn't the same without being able to pore through the Bureau of Labor Statistics' hotly watched monthly jobs report, don't worry. You probably didn't miss much. While the BLS has gone dark with...
The bottom line: The release of official US data is delayed because the federal government is currently in shutdown. While the budget hasn't been...
European stocks extended gains on Friday, with the STOXX 50 up 0.4% and the STOXX 600 rising 0.3% to fresh record highs, as optimism around...
The business activity in the US service sector stagnated in September, with the Institute for Supply Management's (ISM) Services Purchasing Managers...
Asia-Pacific markets opened mostly higher Friday, tracking Wall Street gains as investors shrugged off the U.S. government shutdown.
Investors are...