“The weaker USD and US Treasury yields dropping below 1.6% has helped gold prices to break above 1,800”— Paul Ebeling
Gold prices rose to a 2.5-month high in Asia Friday and were on pace for their best wk in 6 months, boosted by a weaker USD and a pullback in Treasury yields as investors await US NFPs report due later Friday.
Spot gold was up 0.2% at 1,818.73oz by 0652 GMT, after hitting its highest since 16 February earlier in the session. Bullion gained nearly 3% so far this wk.
US gold futures rose 0.2% at 1,818.80.
The US jobs data is a important point. If data comes out really good, we can see people being more positive on the economy and it may lead to Fed increasing the interest rates earlier than expected, which will impact gold.
.DXY slipped to a 1-wk low Vs its peers, while benchmark 10-yr Treasury yields hang close to 2-wk lows.
Have a healthy weekend, Keep the Faith!