Gold Set For 3Rd Straight Week Of Gains| MENAFN.COM

Tuesday, 09 August 2022 02:50 GMT

Gold Set For 3Rd Straight Week Of Gains


(MENAFN- Baystreet.ca) Gold Set for 3rd Straight Week of Gains

Gold consolidated off a one-month peak following U.S. labour market data on Friday, but safe-haven inflows triggered by tensions over Taiwan and lower U.S. yields kept bullion on course for a third straight weekly gain.
Spot gold fell 0.3% to $1,786.31 U.S. per ounce, after hitting its highest level since July 5. Prices were up 1.2% so far this week.
U.S. gold futures eased 0.2% to $1,802.60.
July jobs data showed U.S. non-farm payrolls increased 528,000 last month, topping estimates of 250,000.
While the Federal Reserve seems to be more focused on inflation, the level of employment will add some clarity about the U.S. economy's momentum.

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