Gold prices rise with the decline in stocks – Economic – the world today


Gold prices rose on Friday, as US Treasury bond yields and global stocks declined, which boosted demand for the precious metal, which is considered a safe haven ahead of job data in the non-agricultural sectors in the United States, but the strong dollar puts gold on a weekly decline path.

Spot gold rose 0.3 percent to 1935.80 dollars an ounce by 05.26 GMT, down close to its lowest level in a week, which it reached on Thursday. Gold prices have fallen 1.5 percent since the beginning of this week.

US gold futures rose 0.2 percent to $ 1941.30.

“What we’re seeing in gold is a bit of a run-off towards at the moment, because equity markets are down … Gold may also help the sharp drop that we’re seeing in US yields,” said Edward Meer, analyst at ED & F Man Capital Markets.

Asian stock markets fell, after the biggest selling wave on Wall Street since June, while the record 10-year US Treasury yields are heading to record their biggest weekly decline in nearly three months.

Lower bond yields reduce the opportunity cost of holding non-yielding gold.

All eyes are on the non-farm payroll numbers in the United States scheduled for release at 12:30 GMT in search of the latest indication of the performance of the economy affected by the Coronavirus.

As for the other precious metals, silver gained 0.2 percent to $ 26.66 an ounce, but it’s down 3 percent since the start of the week. Palladium rose 1 percent to $ 2,309.50.

Platinum rose 0.5% to 894.05, but is on track for its worst weekly performance since mid-March, down 4%.



Please enter your comment!
Please enter your name here