Breaking News
Investing Pro 0
⏰ React to the Market Faster with Custom, Real-Time News Get Started

Gold nurses steep losses as dollar rebounds ahead of nonfarm payrolls

Commodities Feb 02, 2023 07:59PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
XAU/USD
+0.03%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
Gold
+0.15%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
Copper
-0.56%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
EUR/USD
+0.02%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
GBP/USD
+0.09%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
XAG/USD
-0.09%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Ambar Warrick

Investing.com -- Gold prices inched higher on Friday after pulling back sharply from nine-month highs in the prior session as the dollar rebounded in anticipation of key nonfarm payrolls data, while other economic readings showed some strength in the labor market.

While the Federal Reserve recently noted that inflation was easing, markets feared that resilience in the jobs market could keep price pressures stubbornly higher for longer. Jobless claims unexpectedly fell in the prior week, while other data showed U.S. automobile sales grew in January.

The dollar rebounded from a nine-month low after the readings, given that relatively high inflation could keep the Fed raising interest rates this year - a negative scenario for gold and metal markets.

Spot gold rose 0.2% to $1,915.37 an ounce, while gold futures fell 0.1% to $1,929.50 an ounce by 19:16 ET (00:16 GMT). Both instruments plummeted nearly 2% on Thursday after surging to a nine-month high earlier in the session, and were set to lose 0.6% this week.

The yellow metal marked wild swings in recent sessions, and was set to break a six-week gaining streak as investors re-evaluated their expectations of U.S. monetary policy.

The better-than-expected unemployment claims reading, coupled with fears of strong nonfarm payrolls data later today, saw investors reevaluate their bets that inflation will slow at a quicker-than-expected pace.

This saw the dollar recover sharply against a basket of currencies on Thursday. The greenback was also aided by weakness in the euro and the British pound, after their respective central banks hinted at a potential end to their rate hike cycles.

Other precious metals also retreated this week, and were muted on Friday. Platinum futures steadied around $1,032.15 an ounce, while silver futures held at $23.615 an ounce.

Among industrial metals, copper prices steadied on Friday, but were set for steep weekly losses amid growing fears of a global recession this year.

High-grade copper futures rose 0.3% to $4.0968 a pound, but were down nearly 3% this week as markets feared that rising interest rates will crimp global economic growth.

Mixed economic readings from China also drove up uncertainty over the timing of an economic recovery in the world’s largest copper importer.

Gold nurses steep losses as dollar rebounds ahead of nonfarm payrolls
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Rob Banks
Rob Banks Feb 05, 2023 5:23PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I love how it's always Russian gold in the photos because no one has ever seen the American gold in Fort Knox
Qurban Ali
Qurban Ali Feb 02, 2023 11:35PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
in simple please someone tell me today Gold price comedown or raised
suriya madesh
suriya madesh Feb 02, 2023 11:35PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
raised
Ryan Mangen
Ryan Mangen Feb 02, 2023 11:35PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
it will go up and it will go down
Tomislav Jurišić
Tomislav Jurišić Feb 02, 2023 11:35PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
no it went down, can't you read man
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email