Gold firms near one-month peak on softer dollar, slowdown worries
Gold prices firmed on Friday to hover near
a one-month high, as a retreat in dollar and U.S. Treasury
yields and growing recession fears boosted demand, keeping the
safe-haven metal on track for its third straight weekly rise.
* Spot gold was up 0.2% at $1,793.88 per ounce, as of
0054 GMT, after hitting its highest since July 5 on Thursday.
Bullion is up 1.6% so far this week.
* U.S. gold futures rose 0.2% to $1,810.60.
* The dollar struggled to gain a footing on Friday after
dropping 0.6% overnight against its rivals, making gold more
appealing for other currency holders.
* The yield on 10-year Treasury notes also
slipped, reducing the opportunity cost of holding non-interest
* The Bank of England raised interest rates by the most in
27 years on Thursday in an attempt to smother surging inflation
on track to top 13%, even as it warned a long recession is
* The monthly U.S. non-farm payrolls report will be closely
watched on Friday that could offer more clarity on Federal
Reserve’s aggressive tightening plans to fight against
* Economists expect an increase of 250,000 jobs for the
month of July. Meanwhile, data on Thursday showed the number of
Americans filing new claims for unemployment benefits increased
* China fired multiple missiles near Taiwan in its biggest
ever military drills in the Taiwan Strait after U.S. House of
Representatives Speaker Nancy Pelosi visited the self-ruled
* SPDR Gold Trust , the world’s largest gold-backed
exchange-traded fund, said its holdings fell 0.03 percent to
1,000.32 tonnes on Thursday.
* Spot silver rose 0.2% to $20.21 per ounce, platinum
gained 0.9% to $934.25, and palladium climbed 1.1%
0600 Germany Industrial Output MM, YY June
0600 UK Halifax House Prices MM, YY July
0645 France Reserve Assets Total July
1230 US Non-Farm Payrolls July
1230 US Unemployment Rate July
(Reporting by Brijesh Patel in Bengaluru; Editing by Rashmi
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