Gold Prices Rise Ahead Of US Non-farm Payrolls Data

New York (Oct 5)  Gold prices rose on Friday, shrugging off a firmer dollar and surging US bond yields amid expectations for higher inflation, and continued rate hikes from the Federal Reserve in the coming months.

Spot gold rose 0.43% to USD1,202.36 an ounce while US gold futures were up 0.35% at USD1,205.80.

The dollar edged toward a six-week high as investors await the US government's September payroll report scheduled for release later in the day.

US employment is expected to jump by about 185,000 jobs in September after increasing by 201,000 jobs in August. The jobless rate is expected to dip to 3.8% from 3.9%.

The monthly jobs data is likely to overshadow a separate report on the US trade deficit as well as remarks by Federal Reserve officials.

Traders also watched developments in Italy after Deputy Prime Minister Matteo Salvini accused top European Commissioners of wrecking Europe.

"We are trying to change this Europe from the inside and we hope that the May European elections will give us a hand," Salvini reportedly said.

AllianceNews

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