Gold Heads for 2nd Weekly Gain as Trade, Jobs in Focus

Friday, 6 December 2019 15:58 WIB



Gold headed for a second weekly advance as developments in the trade war took center stage and as traders waited for key monthly U.S. jobs data due later Friday.

China said Friday it's in the process of waiving retaliatory tariffs on imports of U.S. pork and soy by domestic companies, a procedural step that may also signal a broader trade agreement with the U.S. is drawing closer. President Donald Trump said that talks were “moving along well”. Investors are keenly watching for progress in trade talks in the lead-up to Dec. 15, when the U.S. has pledged to impose tariffs on more Chinese imports if a deal hasn't been struck.

The Labor Department's jobs report will be watched for clues on the outlook for monetary policy after the Federal Reserve paused interest rate cuts.

Spot gold -0.2% to $1,473.66/oz at 7:57am in London; +0.7% this week. Silver -0.4% at $16.899/oz. Palladium little changed at $1,874.24/oz, after touching a record $1,877.34 on Thursday.

Source : Bloomberg


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