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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.
05 Feb, 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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