Gold pushed higher into the $1,500s an ounce as investors ticked off the hours until the key monthly U.S. employment report, which may add to mounting signs of a slowdown and stoke expectations the Federal Reserve will be driven to reduce interest rates once again.
Spot gold rose as much as 0.3% to $1,509.39 an ounce and traded at $1,508.82 at 10:29 a.m. in Singapore, up 0.8% this week. Prices hit a six-year high of $1,557.11 on Sept. 4. Silver is also heading for a weekly gain, while platinumand palladium are down.
Bullion is heading for a weekly gain after a slew of data pointed to widening economic weakness, bolstering haven demand. America’s service industriesjoined manufacturing in taking a big step back last month, while in Europe, reports showed the economy stagnated at the end of the third quarter.
Source : Bloomberg