3.5 C
New York
Sunday, November 28, 2021

Gold Prices Unchanged as Dollar Rises Slightly Ahead of U.S. Job Data

Gold Prices Unchanged as Dollar Rises Slightly Ahead of U.S. Job Data© Reuters. Gold prices were unchanged on Friday

Investing.com – Gold prices were unchanged on Friday while the dollar firmed as investors remained cautious ahead of the much-anticipated U.S. job data due later in the day.

for December delivery on the Comex division of the New York Mercantile Exchange was unchanged at $1,201.60 a troy ounce by 1:40AM ET (05:40 GMT).

The gain in dollar followed a spike in Treasury yields on better-than-expected U.S. data and indications from the Federal Reserve that interest rates will continue to rise.

The , which tracks the greenback against a basket of other currencies, was at 95.50 by 01:30AM ET (05:30 GMT) after hitting an overnight high of 95.78, the most since August 20.

The yield on the benchmark  rose to levels not seen since 2011 after upbeat economic data and hawkish comments from Fed Chairman Jerome Powell bolstered expectations of an interest rate increase in December.

The yield was up 1.36% to 3.204% on Thursday after jumping almost 4% in the previous session.

Higher interest rates increase bond yields, making non-interest bearing gold less attractive to investors. They also tend to boost the dollar, making dollar-priced gold more expensive for holders of other currencies.

In other news, Gold-backed exchange-traded funds (ETFs) experienced outflows in North America European and Asian funds during September, as investors continued to show extreme short positioning, the World Gold Council said on Thursday.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

10,914FansLike
12,893FollowersFollow
753FollowersFollow
- Advertisement -

Latest Articles

Popular Articles