The US dollar fell against the euro and the US Treasury yields eased after the jobs report for the month of January.
While non-farm payrolls increased by 227,000 jobs last month, the biggest gain in four months, the Labor Department said average hourly earnings increased by only three cents, or 0.1 percent.
PT Equityworld | Gold Remain Stable
The price of gold spot gold was at $ 1,217.56 per ounce, up 0.1 percent.
While the price of US gold futures for April delivery was 0.02 percent lower at $ 1,219.2.
Analysts declared the market seems to see weak wage data, which indicates inflation pressure is rather weak, and therefore less need for the Fed to raise interest rates.
For the week, gold is on track rose 2.1 percent, the biggest weekly gain since early November, as the dollar headed for a fourth weekly decline on concerns about the policies of US President Donald Trump and a lack of clarity about the rise in interest rates.
The precious metal reached its highest since 17 November on Thursday at $ 1,225.30 per ounce after the Federal Reserve’s policy statement disappointed investors hoping for signs clearer about rising interest rates, weaken the dollar to 12-week lows.
PT Equityworld | Gold Remain Stable
A strong US payrolls report will increase the likelihood of a rate hike in early March. Gold is very sensitive to the rise in US interest rates, which increases the opportunity cost of holding gold while the dollar rose.
Ownership world’s largest gold-backed exchange ETF, SPDR Gold Shares, rose for a second day on Thursday 1.5 tons to 811.22 tons.
A surge of investment into the highest four-year gold demand increase moderate gains last year, data from the World Gold Council showed on Friday, even as the use of metal jewelry slid to the lowest level since 2009.
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Gold Prices Remain Stable Until Saturday (04/02) Yesterday •
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