Gold Rises as Stocks Decline

Gold prices rose, as US Treasury bond yields and global stocks declined, which boosted demand for the precious metal, which is considered a safe haven ahead of job data in the non-agricultural sectors in the United States, but the strong dollar puts gold on a weekly decline path.

In spot transactions, gold rose 0.3% to 1935.80 dollars an ounce, nearing its lowest level in a week, which it reached on Thursday. Gold prices fell 1.5% since the beginning of this week.

US gold futures rose 0.2% to $ 1941.30.

Asian stock markets fell, after the biggest sell-off on Wall Street since June, while US Treasury yields for ten years are heading to record their biggest weekly decline in nearly three months.

Lower bond yields reduce the opportunity cost of holding non-yielding gold.

All eyes are on the non-farm payroll numbers in the United States scheduled for release today, in search of the latest indication of the performance of the economy affected by the Coronavirus.

As for the other precious metals, silver gained 0.2% to $ 26.66 an ounce, but it’s down 3% since the start of the week.