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Gold rises

November 03, 2018

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BENGALURU: Gold prices rose slightly on Friday, setting the market on course for a fifth week of gains, as the dollar retreated amid expectations of a thaw in US-China trade tensions.

Investors were awaiting US jobs data for fresh clues on the economy.

Spot gold was up 0.2 per cent at $1,235.50 per ounce by 1102 GMT. US gold futures were down 0.1pc at $1,237.3 per ounce.

According to a Reuters survey of economists, non-farm payrolls probably rose by 190,000 jobs in October after a 134,000 increase in the previous month.

World share markets roared higher on Friday, while the dollar eased, as hopes built that the United States and China were starting to repair their badly damaged trade relations.

“Markets are reacting positively to the news of (US President Donald) Trump seeking a deal with China, also because this is pulling down the US dollar, which is a good factor for gold,” ActivTrades chief analyst Carlo Alberto De Casa said.

Among other precious metals, platinum climbed 1pc to $865.20 per ounce, having touched its highest since June 27 at $867.30 earlier in the session. The metal was up about 4pc for the week so far.

Palladium rose 1.6pc to $1,110.47 per ounce and silver was up 0.4pc at $14.80 per ounce.

Published in Dawn, November 3rd, 2018

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