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Gold Futures Settle Modestly Higher, Post Third Weekly Gain

Gold Futures Settle Modestly Higher, Post Third Weekly Gain

Gold prices edged higher on Friday, shrugging off a weak start, after a somewhat weaker-than-expected monthly jobs data from the Labor Department prompted traders to seek the safe-haven asset.

A subdued dollar too supported gold’s rise.

However, amid easing concerns about U.S.-Iran tensions, gold’s upside was not any significantly pronounced.

The dollar index, which declined to 97.30, was last seen at 97.38, down 0.07% from previous close.

Gold futures for February ended up $5.80, or about 0.4%, at $1,560.10 an ounce.

On Thursday, gold futures for February ended down $5.90, or 0.4%, at $1,554.30 an ounce.

For the week, gold futures gained about 0.5%, recording their third straight weekly gains.

Silver futures for March ended up $0.169 at $18.105 an ounce, while Copper futures for March settled at $2.8135 per pound, up $0.0115 from previous close.

Data released by the Labor Department showed the pace of job growth in the U.S. slowed by more than expected in the month of December.

The report said non-farm payroll employment climbed by 145,000 jobs in December after spiking by a revised 256,000 in November. Economists had expected employment to increase by about 164,000 jobs compared to the jump of 266,000 jobs originally reported for the previous month.

Meanwhile, the report said the unemployment rate came in at 3.5 percent in December, unchanged from the previous month and in line with economist estimates.

The U.S. today imposed fresh sanctions on Iran. U.S. Secretary of State Mike Pompeo and Treasury Secretary Steven Mnuchin announced new sanctions on Iran’s metal exports and eight senior Iranian officials.

U.S. President Donald Trump had said earlier this week that he would not respond militarily to the Iranian missile strikes on Iraq bases housing U.S. troops. Trump, who had earlier threatened harsh responses to any attack by Iran, said later that he will only impose new sanctions on Iran’s already struggling economy.

The material has been provided by InstaForex Company – www.instaforex.com