Gold prices firmed on Friday and were set for a weekly gain, driven by prospects of a Fed rate cut in September and rising tensions in the Middle East, while market participants awaited U.S. nonfarm payrolls data for further direction.
Gold prices firmed on Friday and were set for a weekly gain, driven by prospects of a Fed rate cut in September and rising tensions in the Middle East, while market participants awaited U.S. nonfarm payrolls data for further direction.
Spot gold was up 0.2% at $2,451.07 per ounce, as of 0243 GMT, and has gained more than 2% for the week.
Trader bets for a super-sized 50-basis-point rate cut in September jumped to 28.5% from 11.8% earlier this week, according to the CME Group's FedWatch tool.
"Angst surrounding U.S. elections and the conflict in the Middle East will play an assisting role in moving gold higher on a sustained basis," analysts at TD Securities said in a note.
Persons:
Jerome Powell, Ajay Kedia, Mohammed Deif
Organizations:
Federal, Kedia Commodities, TD Securities
Locations:
U.S, Mumbai, Gaza, Tehran