Gold trades at one-month high after weekly uptickBloombergGold traded near a one-month high after jumping the most since March on Thursday as US-China tensions and a deepening global slowdown buoyed demand for haven assets. Bullion surged 1.5 percent on Thursday and was heading for a run of three straight weekly gains after China likely fired missiles over Taiwan during military drills. Gold has risen about 6 percent from a low on July 20, benefiting from a weakening dollar and falling US bond yields. Traders will be looking at US nonfarm payrolls data that were to be released yesterday for clues on the US Federal Reserve’s tightening path. “Safe-haven demand continues to support gold ahead of the non-farm payroll data,” said Gnanasekar Thiagarajan, director at Commtrendz Risk Management Services.
Source: Taipei Times August 06, 2022 01:15 UTC