Gold halts losses ahead of US job data

Gold rose from its lowest levels in seven months today, benefiting from the decline in the dollar and Treasury bond yields after they recorded new highs this week, ahead of the publication of non-farm payrolls data in the United States.

According to Reuters, gold in spot transactions increased 0.2% to $1,823.59 per ounce by 03:35 GMT, but it is heading to continue losses for the second week in a row, as it has fallen 1.3% so far. US gold futures also rose 0.3% to $1,837.60.

Ten-year US Treasury bond yields fell from a 16-year peak, as did the US dollar from its highest levels since November 2022, but they are on track to record the 12th consecutive week of gains.

“I see that the market does not have complete conviction to move in this direction until the US jobs data is released,” said Ilya Spivak, head of global macroeconomics at Testilife.

Markets are awaiting the publication of non-farm payrolls data in the United States at 12:30 GMT, after a series of jobs indicators issued this week. The data can provide clues as to whether interest rates will be raised again

Regarding other precious metals, silver jumped in spot transactions 0.5% to $21.01 per ounce, platinum gained 0.3% to $857.23, and palladium rose 0.7% to $1149.51 after reaching its lowest level in 5 years in the last session. The three metals are heading to incur weekly losses.