Gold Extends Last Week's Advance With Dollar Surge Cooling




  • In Business
  • 2022-10-03 00:16:13Z
  • By Bloomberg

(Bloomberg) -- Gold edged higher in Asia after capping its best week since mid-August as a retreat in the dollar provided some relief to the precious metal.

Bullion posted its first weekly gain in three on Friday, with an easing in Treasury yields also helping to boost the allure of the non-interest bearing asset. Gold had plummeted to a two-year low earlier in the week on the back of a surge in the dollar and bond yields.

Bullion could be in for more volatility, with crucial readings on the still-tight US labor market due later this week. The figures may provide clues on the Federal Reserve's rate-hike trajectory, with strong numbers potentially spurring more gains in bond yields that would be harmful for gold.

Spot gold advanced 0.2% to $1,664.09 an ounce as of 8:03 a.m. in Singapore, after climbing 1% last week. The Bloomberg Dollar Spot Index added 0.1% after retreating from a record high last week. Silver rose, while platinum and palladium were steady.

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©2022 Bloomberg L.P.

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