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THE GIST
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Global Philippines Fine Living
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2024 Mid-Year Economi Briefing, economic growth in the Philippines
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June 21, 2024
Investing with Love
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May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
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948 x 535 px AdobeStock_433552847
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Monthly Economic Update: Fed cuts incoming   
June 30, 2025 DOWNLOAD
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June 25, 2025 DOWNLOAD
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Markets 2 MIN READ

Gold heads for weekly gain on safe-haven demand, slow US job growth

March 10, 2025By Reuters
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UPDATE 1-China tightens anti-money laundering rules for financial firms January 26, 2022 Gold flat on firmer dollar, investors eye Powell testimony June 20, 2023 Gold rises more than 1% on safe-haven demand, Fed rate-cut optimism August 9, 2024

Gold prices eased on Friday but were poised for a weekly gain due to safe-haven inflows and a US jobs report revealing lower-than-expected job growth in February, suggesting that the Federal Reserve is on track to cut interest rates this year.

Spot gold fell 0.1% to USD 2,906.04 an ounce as of 01.46 p.m. (1846 GMT). Bullion has gained about 1.7% so far this week, as US President Donald Trump’s ever-shifting tariff policies fanned uncertainty.

US gold futures settled 0.4% lower at USD 2,914.10.

The US dollar index tumbled to a four-month low and is heading for its steepest weekly decline since November 2022, making greenback-priced bullion less expensive for foreign buyers.

“Weaker than expected number is giving gold a slight boost … also a weaker dollar for the week right now is helping,” said Bob Haberkorn, senior market strategist at RJO Futures.

A Labor Department report showed the US economy added 151,000 jobs in February, compared with a rise of 160,000 expected by economists polled by Reuters, whereas the unemployment rate stood at 4.1% compared with expectations of 4%.

The market is currently in a consolidation phase, with safe haven interest providing ongoing support, said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Fed Chair Jerome Powell earlier in the day said the Federal Reserve will take a cautious approach to monetary policy easing, adding that the economy currently “continues to be in a good place”.

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

The market is currently pricing 76 bps of Fed rate cuts by the year-end, starting in June.

China continued its gold purchases for the fourth consecutive month in February, the People’s Bank of China data showed.

Spot silver fell 0.8% to USD 32.35 an ounce and platinum shed 0.6% to USD 960.70, while palladium edged 0.4% up to USD 946.15.

(Reporting by Anmol Choubey in Bengaluru; Editing by Shailesh Kuber and Mohammed Safi Shamsi)

 

This article originally appeared on reuters.com

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