Gold Rises Ahead Of US Nonfarm Payrolls
London (Aug 7) Precious-Gold rose for a second straight session on Friday ahead of the release of the U.S. nonfarm payrolls that is likely to shape the Fed’s rate hike decision.
The yellow metal hit a high of $1097.48 an ounce, while it currently trading at $1091.98, after opening at $1089.30.
Last month, the Fed upgraded its outlook for the labor market, so any better than forecast reading in U.S. non-farm payrolls data due later in the day could prompt policymakers to raise interest rates in September.
American employers added 225,000 new jobs last month, following a job gain of 223,000 a month earlier, according to median forecasts for the NFP.
The dollar inched down against a basket of major currencies to 97.88 from the session’s opening at 97.90, according to the dollar index.
Crude oil remained weak trading around $49.51 a barrel, close to its lowest level in six months.