Gold Set for Largest Weekly Gain Since March as Jobs Data Loom

  • In Business
  • 2022-10-07 01:52:35Z
  • By Bloomberg

(Bloomberg) -- Gold headed for the largest weekly gain since March ahead of key US jobs data that will shape expectations about how much more tightening is yet to come from the Federal Reserve.

Most Read from Bloomberg

  • Musk's Twitter Takeover Hits Snag Over Debt-Financing Issue

  • Nord Stream Leaks Caused by Detonations in Sign of Sabotage

  • Kremlin Lets State Media Tell Some Truths About Putin's Stalling War

  • Trump Says US Agency Packed Top-Secret Documents. These Emails Suggest Otherwise.

  • Stocks Slide With Anxiety Running High Before Jobs: Markets Wrap

The precious metal surged past the $1,700 mark earlier this week, after disappointing US data on a manufacturing gauge and job openings fueled expectations that the Fed may halt aggressive monetary tightening. While it dipped later as new US statistics had traders assessing whether the US central bank would maintain its hawkish stance, it remains on track for a weekly gain of about 3%.

Following figures on Wednesday that showed firm growth of US service providers, fresh US data on Thursday -- which showed weekly initial jobless claims rising more than forecast -- did little to bolster sentiment for gold. The greenback rose after the release, hurting bullion which is priced in the US dollar.

The latest hawkish comments from Fed officials committed to crushing inflation with rate hikes also strengthened the greenback and Treasury yields.

US nonfarm payrolls data due later Friday may prove key by offering clues on the likely tightening trajectory. The labor market currently shows a mixed picture, with some signs of moderation while still remaining robust.

Spot gold was little changed at $1,709.87 an ounce as of 9:23 a.m. in Singapore, after slipping 0.2% in the previous session. The Bloomberg Dollar Spot Index was also steady, following Thursday's 0.7% gain. Silver, platinum and palladium edged down.

Most Read from Bloomberg Businessweek

  • The Massive Gas Field That Europe Can't Use

  • Even After $100 Billion, Self-Driving Cars Are Going Nowhere

  • 'I Am Energy': Inside the Bang Billionaire's Reeling Empire

  • Millions in Cryptocurrency Vanished as Agents Watched Helplessly

  • Musk Won't Own Twitter Until the Shareholders Get Paid

©2022 Bloomberg L.P.


More Related News

Norway's $1.3 Trillion Wealth Fund Encourages Traders to Bet Against the Market

(Bloomberg) -- Nicolai Tangen, the chief of Norway's $1.3 trillion sovereign wealth fund, wants his traders to bet against the market.Most Read from...

Xi Visit to Saudi Arabia Brings Pledge of More Oil Trade
Xi Visit to Saudi Arabia Brings Pledge of More Oil Trade

(Bloomberg) -- China is willing to expand oil trade with Saudi Arabia, President Xi Jinping said during a visit to the kingdom that reinforced ties between...

Chinese Insurer Is Set to Be Hong Kong
Chinese Insurer Is Set to Be Hong Kong's Last Big Debut of 2022

(Bloomberg) -- China's Sunshine Insurance Group Co. ended flat in its trading debut after Hong Kong's fourth-largest deal this year, potentially the last big...

IMF, World Bank Sound Alarm About Global Economic Outlook
IMF, World Bank Sound Alarm About Global Economic Outlook

(Bloomberg) -- The International Monetary Fund, World Bank and others raised concerns about a worsening global outlook, while hopeful that China's reopening ...

Australia Caps Gas and Coal Prices to Ease Power Bill Pain
Australia Caps Gas and Coal Prices to Ease Power Bill Pain

(Bloomberg) -- Australia will impose a cap on domestic energy prices and provide as much as A$1.5 billion ($1 billion) in energy bill relief to ease cost of ...

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


Top News: Business