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Markets

Gold inches up, but set for worst week in ten

  • The Bank of England gave British lenders breathing space of at least six months on Thursday before negative interest rates are a possibility.
Published February 5, 2021

Gold edged up on Friday, recovering from its lowest level in more than two months, but is still on course to post its worst week in ten due to a firmer dollar.

FUNDAMENTALS

Spot gold rose 0.2% to $1,795.10 per ounce by 0042 GMT. Prices were down 2.7% for the week, it's biggest weekly decline since Nov. 27. US gold futures gained 0.4% to $1,797.60.

On Thursday, prices fell to their lowest since Dec. 1 at $1,784.76.

Democrats in the US Senate were poised on Thursday to take a first step toward the ultimate passage of President Joe Biden's $1.9 trillion COVID-19 relief proposal.

US jobless claims decreased further last week, suggesting the labor market was stabilizing.

The dollar held firm at a more than two-month peak on Thursday, while longer-term US Treasury yields rose as investors positioned for a large pandemic relief package from Washington and a stabilizing US labor market.

The Bank of England gave British lenders breathing space of at least six months on Thursday before negative interest rates are a possibility.

Holdings in the world's largest gold-backed exchange-traded fund, SPDR Gold Trust rose 0.2% to 1,159.84 tonnes on Thursday.

Australia's Perth Mint said on Thursday its January silver coin sales jumped 23.5% from the previous month.

Platinum shed 0.1% at $1,096.88 an ounce and palladium gained 0.2% to $2,286.83. Reuters

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