Gold prices inched up on Thursday, supported by a decline in U.S. Treasury yields amid prospects of an interest rate cut by the Federal Reserve, while investors sought direction from upcoming U.S. non-farm payrolls data.
Spot gold was 0.1% higher at $1,419.23 per ounce, as of 04:26 GMT. Prices touched $1,435.99 on Wednesday, their highest since June 25. U.S. gold futures ticked up 0.1% to $1,421.8 an ounce.
This is a market that expects interest rate cuts, mainly in line with expectations the European Central Bank’s next chief would stay dovish, said Helen Lau, analyst, Argonaut Securities.
meanwhile, Silver was up 0.1% at $15.31 per ounce, and platinum dipped 0.3% to $834.36 per ounce.
Source : Reuters