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Gold rises from 10-month lows as dollar sags

Gold was trading down 0.7% for the week, on track to post a fourth consecutive weekly decline

Reuters 

Gold rises from 10-month lows as dollar sags

recovered from its lowest level since early February on Friday, snapping three sessions of losses, as the dollar fell against a basket of currencies ahead of US payrolls data due later in the day.

Fundamentals

Spot was up 0.3 per cent at $1,174.10 an ounce by 0035 GMT. The metal dropped its lowest since February 5 at $1,160.38 in the previous session.

was trading down 0.7 per cent for the week, on track to post a fourth consecutive weekly decline.

US futures gained 0.6 per cent at $1,176.50 per ounce.

The dollar sagged early on Friday against its peers as investors took a cautious view ahead of a looming US jobs report that could set the tone in coming days. 

US factory activity accelerated to a five-month high in November amid a pickup in new orders and production, suggesting that the manufacturing sector was regaining its footing after a prolonged slump.

Dallas Bank President Robert Kaplan on Thursday said he is keeping his forecast for 2-per cent US GDP growth next year intact despite the possibility of new economic policies from the incoming US president.

The will extend its bond purchases beyond March and consider sending a formal signal after its policy meeting next Thursday that the programme will eventually end, senior sources with direct knowledge of discussions said.

The Perth Mint said on Thursday that its sales of and silver products fell in November.

India's overseas purchases of could halve this month after jumping to the highest level in 11 months in November because retail demand has faltered due to the government's move to scrap high-value currency notes, industry officials told Reuters.

SPDR Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 1.54 per cent to 870.22 tonnes on Thursday from 883.86 tonnes on Wednesday.

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Gold rises from 10-month lows as dollar sags

Gold was trading down 0.7% for the week, on track to post a fourth consecutive weekly decline

Gold was trading down 0.7% for the week, on track to post a fourth consecutive weekly decline
recovered from its lowest level since early February on Friday, snapping three sessions of losses, as the dollar fell against a basket of currencies ahead of US payrolls data due later in the day.

Fundamentals

Spot was up 0.3 per cent at $1,174.10 an ounce by 0035 GMT. The metal dropped its lowest since February 5 at $1,160.38 in the previous session.

was trading down 0.7 per cent for the week, on track to post a fourth consecutive weekly decline.

US futures gained 0.6 per cent at $1,176.50 per ounce.

The dollar sagged early on Friday against its peers as investors took a cautious view ahead of a looming US jobs report that could set the tone in coming days. 

US factory activity accelerated to a five-month high in November amid a pickup in new orders and production, suggesting that the manufacturing sector was regaining its footing after a prolonged slump.

Dallas Bank President Robert Kaplan on Thursday said he is keeping his forecast for 2-per cent US GDP growth next year intact despite the possibility of new economic policies from the incoming US president.

The will extend its bond purchases beyond March and consider sending a formal signal after its policy meeting next Thursday that the programme will eventually end, senior sources with direct knowledge of discussions said.

The Perth Mint said on Thursday that its sales of and silver products fell in November.

India's overseas purchases of could halve this month after jumping to the highest level in 11 months in November because retail demand has faltered due to the government's move to scrap high-value currency notes, industry officials told Reuters.

SPDR Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 1.54 per cent to 870.22 tonnes on Thursday from 883.86 tonnes on Wednesday.
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Business Standard
177 22

Gold rises from 10-month lows as dollar sags

Gold was trading down 0.7% for the week, on track to post a fourth consecutive weekly decline

recovered from its lowest level since early February on Friday, snapping three sessions of losses, as the dollar fell against a basket of currencies ahead of US payrolls data due later in the day.

Fundamentals

Spot was up 0.3 per cent at $1,174.10 an ounce by 0035 GMT. The metal dropped its lowest since February 5 at $1,160.38 in the previous session.

was trading down 0.7 per cent for the week, on track to post a fourth consecutive weekly decline.

US futures gained 0.6 per cent at $1,176.50 per ounce.

The dollar sagged early on Friday against its peers as investors took a cautious view ahead of a looming US jobs report that could set the tone in coming days. 

US factory activity accelerated to a five-month high in November amid a pickup in new orders and production, suggesting that the manufacturing sector was regaining its footing after a prolonged slump.

Dallas Bank President Robert Kaplan on Thursday said he is keeping his forecast for 2-per cent US GDP growth next year intact despite the possibility of new economic policies from the incoming US president.

The will extend its bond purchases beyond March and consider sending a formal signal after its policy meeting next Thursday that the programme will eventually end, senior sources with direct knowledge of discussions said.

The Perth Mint said on Thursday that its sales of and silver products fell in November.

India's overseas purchases of could halve this month after jumping to the highest level in 11 months in November because retail demand has faltered due to the government's move to scrap high-value currency notes, industry officials told Reuters.

SPDR Trust , the world's largest gold-backed exchange-traded fund, said its holdings fell 1.54 per cent to 870.22 tonnes on Thursday from 883.86 tonnes on Wednesday.

image
Business Standard
177 22

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