Monday, June 16, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

Gold heads for best week in six, US payrolls data on tap

Simon Osuji by Simon Osuji
March 8, 2025
in Telecoms
0
Gold heads for best week in six, US payrolls data on tap
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter



Gold prices climbed on Friday and were headed for their best week in six, buoyed by trade war concerns and a weaker dollar, while the market’s focus shifted to the U.S. non-farm payrolls report due later in the day.

Spot gold added 0.3% to $2,919.19 an ounce as of 1214 GMT. Safe-haven bullion has gained over 2% so far this week, its best since the week of January 20, as U.S. President Donald Trump’s ever-shifting tariff policies fanned uncertainty.

U.S. gold futures were unchanged at $2,926.40.

The U.S. dollar index is on course for its worst weekly performance since November 7, 2022, making greenback-priced bullion less expensive for foreign buyers.

Weakening in the dollar index, tariff concerns, and poor numbers from the U.S. economy, all these three factors have supported gold this week, said Ajay Kedia, director at Mumbai-based Kedia Commodities.

“I’m expecting some kind of consolidation or weakness in gold prices to the tune of around $2,872, acting as near term support unless we don’t have any strong news,” Kedia said.

Data earlier this week showed a slowdown in U.S. private payrolls growth in February, while U.S. jobless claims fell more than expected last week.

The U.S. non-farm payrolls report is due at 1330 GMT, and might offer cues to the Federal Reserve’s monetary policy and will be followed by Fed Chair Jerome Powell’s speech on the economic outlook.

“Weak payrolls could drive markets to believe in earlier rate cuts, aiding gold higher,” said Nitesh Shah, commodities strategist at WisdomTree.

The Fed has held interest rates steady so far this year after executing three rate cuts last year, but the market expects easing to resume in June.

Despite being an inflation hedge, higher interest rates may dampen the non-yielding asset’s appeal.

Spot silver fell 0.5% to $32.47 an ounce and platinum shed 0.2% to $965.15, while palladium edged 0.3% up to $945.09.

(Reporting by Rahul Paswan and Sarah Qureshi in Bengaluru; Editing by Tasim Zahid)



Source link

Related posts

Panama Considers Autonomy Initiative as ‘Most Serious, Credible and Realistic basis’ & ‘Only Solution for Future’ to Resolve Regional Dispute over Moroccan Sahara

Panama Considers Autonomy Initiative as ‘Most Serious, Credible and Realistic basis’ & ‘Only Solution for Future’ to Resolve Regional Dispute over Moroccan Sahara

June 16, 2025
Kenya and Finland Align for a Changing World

Kenya and Finland Align for a Changing World

June 16, 2025
Previous Post

Pentagon aims to accelerate acquisition of new tech through software-contracting change

Next Post

DOGE Is Putting Major Government Efficiency Projects at Risk

Next Post
DOGE Is Putting Major Government Efficiency Projects at Risk

DOGE Is Putting Major Government Efficiency Projects at Risk

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

GAO Flags Pentagon Efforts to Enable Satellite Communications Via Lasers

GAO Flags Pentagon Efforts to Enable Satellite Communications Via Lasers

4 months ago
Social Media Is Now a DIY Alert System for ICE Raids

Social Media Is Now a DIY Alert System for ICE Raids

4 days ago
AMD chair resigns – defenceWeb

AMD chair resigns – defenceWeb

1 year ago
US Marines Receive Final MQ-9A Reaper Drone

US Marines Receive Final MQ-9A Reaper Drone

1 week ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • Matthew Slater, son of Jackson State great, happy to see HBCUs back at the forefront

    0 shares
    Share 0 Tweet 0
  • Dolly Varden Focuses on Adding Ounces the Remainder of 2023

    0 shares
    Share 0 Tweet 0
  • US Dollar Might Fall To 96-97 Range in March 2024

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.