Gold Rises on Weak Dollar Ahead of US Jobs Data

Gold prices rose on Wednesday, August 4th, supported by the weak dollar, but the rise in precious metal prices remained in a narrow range, as investors awaited indications from the US jobs data regarding the recovery of the labor market.

Spot gold rose 0.2% to $1,813.31 an ounce, while US gold futures rose 0.1% to $1,816.

Dovish comments from US Federal Reserve Chairman Jerome Powell, ruling out an interest rate hike, pushed gold up more than 1% while the dollar fell to its lowest level in a month.

Low-interest rates reduce the opportunity cost of holding the non-yielding yellow metal.

Regarding other precious metals, silver prices rose 0.4% to $ 25.64 an ounce, and platinum and palladium rose 0.2% to 1051.17 and $ 2652.99 an ounce, respectively.