Gold recharged: the metal hits a new all-time high awaiting US employment data

Gold recharged: the metal hits a new all-time high awaiting US employment data

The gold prices they reach all-time highs for the fourth consecutive session on Friday, due to growing speculation about an interest rate cut in June, before the key data on employment in the United States which will be posted later in the day.

Precious metal in cash gains 0.4% and stands at $2,168.28 per ounce and gold futures in the United States added 0.5%, to US$2,175.50.

Nails low rates They favor the gold metal, since they reduce the opportunity cost of holding bullion.

Thus, the Gold hit a new record of US$2,170.99 at the beginning of the session and has climbed more than 4.1% so far this week, putting it on track to record its largest weekly percentage increase since mid-October.

The reasons for the rise of gold

“I think a lot of the demand we’ve seen is coming from the paper market. It’s just speculative demand,” said Michael Widmer of Bank of America. “We have always had the support of Chinese purchases and central banks. But that was never enough for prices to rise,” he added.

Gold surpassed its December high for the first time on Tuesday, aided above all by growing signs of cooling price pressures and bullion’s traditional safe haven cachet.

On the day, focus will be on key US nonfarm payrolls datawhich will be published this afternoon and will mark the direction of the market in the short term.

In other precious metals, Spot silver advanced 0.9%, to $24.53 an ounce; platinum rose 0.1% to $920.25; and palladium gained 1.5%, to $1,048.76. All of them scored weekly increases.

Source: Ambito

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