Gold Set For Third Weekly Advance

gold prices

Gold :Traded around $1,870 an ounce on Friday, hovering near its highest in nearly a month, buoyed by recent weakness in the dollar that has also put bullion on track for a third straight weekly gain.

The dollar tumbled overnight as risk appetite returned to the markets and following data which showed US private payrolls rose less than expected last month, making greenback-priced bullion more attractive for overseas buyers.

Uncertainties surrounding the war in Ukraine and fears that high inflation and aggressive interest rate hikes might tilt the global economy into a recession also drove safe-haven demand for the metal. Meanwhile,

Two policymakers signaled on Thursday that the US Federal Reserve is likely to continue tightening monetary policy beyond the half-percentage point rate hikes expected at each of its next two meetings.

Investors now await the release of US jobs data for clues as to how far and fast the Fed might raise interest rates

About Haroon Khawaja

Haroon Khawaja Is a Journalist & CEO Of B-Trams , Ex Reporter At Geo News

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