Gold Rises to 4-Week Highs, Ahead Of US Non-Farm Payrolls Report

Gold Rises to 4-Week Highs, Ahead Of US Non-Farm Payrolls Report

Gold futures prices rose to 4-week highs on Friday, as investors awaited U.S. jobs reports, due later in the day, and as the Bank of England’s decision to lower interest rates continued to support.

On the Comex, gold futures for December delivery were up 0.23% at $1,370.55.

Spot gold was flat at $1,360.60 an ounce\. Bullion ended up 0.2 percent at $1,360.80 on Thursday and has risen 0.7 percent so far this week.

Prices of gold rose after the Bank of England submitted its first rate cut in seven years on Thursday and said more measurements to spur the economy in an attempt to prevent a recession after the vote in Britain in June to exit the European Union.

The Bank of England cut interest rates to a record-low of 0.25% in an attempt to cushion the economy from a recession after Brexit vote.

The central bank also raised its quantitative easing program by £ 60 billion and reduced growth forecast for next year. Now expects growth forecast at only 0.8% in 2017, as against 2.3% in its May estimates.

Economists surveyed by Reuters are looking for US nonagricultural employment increased by 180,000 in July, while the jobless rate is expected to seam side down to 4.8 percent from 4.9 percent in June. Official figures are payrolls at 1230 GMT on Friday.

The number of Americans filing for jobless benefits unexpectedly rose last week, while renewed job cuts in the energy sector increased layoffs announced by US-based employers in July.

Holdings of SPDR Gold Trust exchange-traded fund, rose 0.37 percent to 973.21 tonnes on Thursday.

In the national capital Gold prices inched up Rs 50 to Rs 31,100 per 10 grams today, largely on the back of positive global cues.

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