© Reuters. Gold rose on Friday. Investing.com – Gold prices were higher on Friday as the U.S. dollar inched down, despite a better-than-expected jobs report.
Comex for December delivery rose 0.11% to $1,237.40 a troy ounce as of 10:33 AM ET (14:33 GMT).
Gold was higher due to a fall in the greenback. The , which measures the greenback’s strength against a basket of six major currencies, inched down 0.06% to 96.22.
The dollar was down in October, higher than the consensus forecast. The jobless rate was also steady, while average hourly earnings advanced 0.2%, as expected.
The positive report supports the case for the Federal Reserve to increase interest rates in December, which is likely to put pressure on gold. Chances of a December rate hike are priced in at , according to Investing.com’s Fed Rate Monitor Tool.
The precious metal usually falls as the dollar rises, as it is denominated in the U.S. currency and is sensitive to moves in the dollar. Bullion becomes more expensive for holders of other currencies when the dollar rises and cheaper when it falls.
Interest rate increases dampen appeal for gold, while boosting the dollar.
Meanwhile, trade tensions were back in focus after U.S. President Donald Trump and Chinese President Xi Jinping spoke on the phone regarding trade on Thursday, boosting sentiment that a trade deal will be reached when the two meet at G-20 summit later this month.
Other metals were higher on the Comex, with rising 4.65% to $14.890 a troy ounce. Among other precious metals, increased 1.29% to $873.90, while surged 1.76% to $1,100.40 an ounce. futures jumped 3.18% to $2.808 a pound.
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Source: Investing.com
