2026-08-07T07:39:37+00:00
Shafaq News
Gold rose more than 1% on Friday and was set for its
biggest weekly gain since January, helped by weaker oil prices, while investors
awaited key U.S. nonfarm payrolls data for clues on the interest rate outlook.
Spot gold was up 1.1% at $4,285.89 per ounce, by 0635
GMT, after hitting a seven-week high on Thursday. Prices gained 6% for the
week.
U.S. gold futures rose 1.1% to $4,344.90.
Hopes of peace in the Middle East pushed inflation
expectations lower, allowing gold to surge from a multi-week consolidation
above $4,000, said Matt Simpson, a senior analyst at StoneX.
U.S. President Donald Trump told reporters that he
believed the war with Iran would be over soon.
Crude oil prices were headed for a weekly loss. Lower
energy prices help ease inflation concerns and reduce expectations of
higher-for-longer interest rates. Gold is an inflation hedge, but elevated
interest rates tend to weigh on its appeal as it offers no yield.
The U.S. Labor Department’s nonfarm payrolls report
for July is due at 1230 GMT.
“Regardless of how NFP plays out, $4,000 has
proven to be a solid support level – and I suspect bulls are waiting for dips
to take advantage of a much-needed correction higher towards $4,600. NFP may
provide some noise over the near term, but price action has spoken, and gold
looks like it wants to rally,” Simpson added.
Traders currently see a 55% chance of a U.S. rate hike
in September, according to the CME FedWatch Tool.
“Going into August, we are somewhat friendlier
towards gold and expect a wider trading band to set in,” Marex said in a
note.
Silver prices are testing the upper end of a trading
range that has held for nearly two months, and a breakout could pave the way
towards $68, it said.
Spot silver climbed 3.3% to $63.48, platinum rose
1.5% to $1,755.90 and palladium gained 0.3% to $1,374.30. All three metals were
headed for weekly gains.
(Reuters)
Only the headline is edited by Shafaq News Agency.