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Gold prices climbed on Friday 10/05/2024, en route to their best week in five, with zero-yield bullion building on momentum fuelled by weaker U.S. jobs data this week that reinforced expectations for interest rate cut by the Federal Reserve.

Spot gold rose 1% to $2,369.49 per ounce by 2:02 p.m. ET (1802 GMT).

U.S. gold futures for June delivery settled 1.5% higher to $2,375.00 per ounce.

The surge in gold buying is mostly technically driven, but last week’s payroll data and Thursday’s initial unemployment claims data are lending support, said Phillip Streible, chief market strategist at Blue Line Futures.

“Concerns about the employment situation are oftentimes the first crack in the economy and could pull forward the Fed’s first interest rate cut,” Streible added.

Financial markets expect the U.S. central bank to start easing its cycle in September.

Lower interest rates generally tend to boost the appeal of bullion since it pays no interest.

Investors are now looking forward to the U.S. producer price index and consumer price index data due next week, both of which could significantly impact gold and silver prices.

Source: Kitco News

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