Gold Gains As Stocks Pull Back; US Jobs Data In Focus For Revival of Covid-hit Economy
4 years, 4 months ago

Gold Gains As Stocks Pull Back; US Jobs Data In Focus For Revival of Covid-hit Economy

News 18  

Gold prices rose on Friday, as US Treasury yields fell and a pullback in global equities bolstered demand for the safe-haven metal ahead of the U.S. non-farm payrolls report. “It’s a bit of flight to safety right now we are seeing in gold because the stock markets are lower,” said Edward Meir, an analyst at ED&F Man Capital Markets. “What also could be helping gold is the sharp slide we are seeing in U.S. yields.” Asia’s stock markets slipped, following the steepest Wall Street sell-off since June, while benchmark 10-year U.S. Treasury yields were on track for their biggest weekly decline in nearly three months. Gold is expected to be range bound between $1,930 and $1,950 ahead of the non-farm payrolls report, said Stephen Innes, chief market strategist at financial services firm AxiCorp.

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