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Gold companies near one-month peak due to dollar’s softening, worries about recession

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Gold jewelry is seen in a gold shop in Jiangsu province of China. Gold prices edged closer to a one-month high on Friday as dollar and US Treasury yields plunged and rising bearish fears fueled demand, keeping the safe-haven metal on track for its third straight weekly rise. .

CFOTO | Future Publishing | Getty Images

Gold prices edged closer to a one-month high on Friday as dollar and US Treasury yields plunged and rising bearish fears fueled demand, keeping the safe-haven metal on track for its third straight weekly rise. .

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Spot gold rose 0.2% to $1,793.88 an ounce as of 0054 GMT, after hitting its highest level since July 5 on Thursday. So far this week, the bullion has gained 1.6%.

US gold futures rose 0.2% to $1,810.60.

The dollar struggled to gain a leg up on Friday after falling 0.6% against its rivals overnight, making gold more attractive to other currency holders.

Yields on 10-year Treasury notes also slipped, reducing the opportunity cost of holding interest-free gold.

The Bank of England on Thursday raised interest rates by the most in 27 years, in an effort to push inflation to the top 13%, even as it warned that a protracted recession was coming.

A closer look at the monthly US non-farm payrolls report on Friday could provide more clarity on the Federal Reserve’s aggressive toughening plans to fight against inflation.

Economists expect an increase of 250,000 jobs in July. Meanwhile, Thursday’s data showed the number of Americans filing new claims for unemployment benefits rose in the past week.

China fired several missiles near Taiwan in its biggest ever military exercise in the Taiwan Straits after US House of Representatives Speaker Nancy Pelosi visited the self-governing island.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.03 per cent to 1,000.32 tonnes on Thursday.

Spot silver rose 0.2% to $20.21 an ounce, platinum rose 0.9% to $934.25 and palladium climbed 1.1% to $2,086.68.

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