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Gold Rises as Dollar Slips Ahead of US Jobs Report

Adel 4 February, 2022 1:27 pm Commodities, Forex Market, Global Stock Market, Market Update

Gold prices rose as the dollar fell on Friday, as markets awaited the US jobs report that may affect the Federal Reserve’s inclination to tighten monetary policy.

Spot gold rose 0.1 percent to $1,805.90 an ounce. And US gold futures rose 0.2 percent to $ 1807.20.

If the US jobs report encourages the general tendency within the Fed to tighten monetary policy, it should lead to a significant decline in gold prices, said Ilya Spivak, an expert in currency trading at Daily Forex.

Gold rose about 0.9 percent this week as the dollar’s decline increased the demand for the precious metal.

Among other precious metals, spot silver prices rose 0.3 percent to $22.47 an ounce, platinum fell 0.4 percent to $1029.49 and palladium increased 0.9 percent to $2344.98.

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