Gold clung to overnight gains on Friday and looked set to snap a six-week losing streak as a slump in the dollar buoyed the metal above 2010 lows ahead of the key US non-farm payrolls data later in the session. The metal rallied nearly 1 percent overnight after the European Central Bank's monetary easing measures fell short of expectations, boosting the euro and sending the dollar to its lowest in a month.
Spot gold was steady at $1,061.60 an ounce by 0646 GMT and was headed for a 0.3 percent gain for the week. Investors stuck to the sidelines with the focus now on the US jobs report later in the day to gauge the strength of the economy and how it would impact the Federal Reserve's monetary policy. "A robust US payrolls release could push gold back on the defensive," HSBC said in a note.
Comments
Comments are closed.