Thursday, July 18, 2024

Gold is heading towards weekly gains

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After major central banks implemented their interest rate policies, the price of gold ended higher during the week as the attractiveness of the non-yielding metal increased, while the focus shifted to the upcoming US jobs report in late Friday.

Gold traded up 0.06 percent at 1115 GMT to $ 1792.74 an ounce.

U.S. gold futures for December delivery rose 0.1 percent to $ 1,795.60.

“Given the expected impact of the non-farm payrolls report on expectations of a US interest rate hike, this report will play a key role in determining how gold will end this week,” said FXTM analyst Lukman Odunuka.

The day after Thursday’s report showed that the number of Americans filing new applications for unemployment benefits has dropped significantly, investors will be eagerly watching U.S. monthly jobs data.

Among other precious metals, silver spot traded down 0.1 percent at $ 23.75 an ounce. Platinum was up 0.2 percent at $ 1027.8 and Palladium was up 1.1 percent at $ 2022.75.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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