Sun. Oct 24th, 2021

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Gold rises on weaker dollar

1 min read
Pure Gold

Gold prices rose on Friday as a slightly weaker U.S. dollar and a pullback in global equities lifted demand for the safe-haven metal, while investors awaited the release of U.S. non-farm payrolls data for August.

Spot gold was up 0.4% at $1,937.84 per ounce by 0102 GMT, after falling to a near one-week low on Thursday. Bullion has declined 1.5% so far this week.

U.S. gold futures rose 0.2% to $1,942.20.

The dollar index fell 0.1% against its rivals after rising to a near one-week high in the previous session, making gold less expensive for holders of other currencies.

Asian stocks were set to open in the red on Friday, after Wall Street’s benchmarks posted their biggest one-day declines in nearly three months.

The head of the Chicago Federal Reserve on Thursday called on Congress to deliver more fiscal aid and signaled U.S. monetary policy would be eased further and interest rates kept at ultra-low levels for years to help the economy recover its pre-pandemic strength.

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