Gold prices rose to hit a fresh all-time high on Friday, boosted by various factors such as US interest rate expectations, speculative buying and central bank acquisitions, supporting bullion’s continued upward momentum despite robust US job growth. States during March.
As of 10:57 am EDT (1456 GMT), spot gold climbed 1.3% to $2,320.04 an ounce, having hit a peak of $2,324.79 earlier in the trading session. This marks a 3.8% increase for the week, positioning it for a third consecutive weekly advance. Meanwhile, US gold futures saw a 1.4% increase, settling at $2,339.70, according to Reuters.
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“Gold and silver closed on a mixed note, after both precious metals hit fresh lifetime highs in the domestic market. Silver fell after its highest level since June 2021, as investors awaited the important US employment data for fresh indications of the monetary easing of the Fed. Gold and silver are also getting support due to rising tensions in the Middle East. The dollar index also slipped below 104 marks amid Fed rate cut hopes which supported precious metals prices,” said Rahul Kalantri, VP Commodities, Mehta Equities Ltd.
The Labor Department reported an increase of 303,000 jobs in nonfarm payrolls last month, beating economists’ expectations. In a Reuters poll, economists had forecast 200,000 jobs, with estimates ranging from 150,000 to 250,000.
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Fed Chairman Jerome Powell reaffirmed on Wednesday that the central bank was not in a hurry to consider reducing borrowing costs. This statement followed the recent decision to keep the policy rate within the range of 5.25% to 5.50%.
Silver prices increased by 1.4% to reach $27.30 per ounce, while platinum remained stable at $925.15. Both metals were poised for a weekly rise.
Meanwhile, palladium experienced a 1.7% decline, falling to $1,003.50 per ounce and was set for a weekly decline.
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Published: 05 Apr 2024, 23:00 IST