Gold prices on the European market rose on Friday near a five-month high recorded earlier in the day, supported by lower long-term US bond yields, ahead of the release of new jobs data in the US in November, which provides strong evidence About the pace of growth of the world’s largest economy and about the prospects for continued tightening of US monetary policy.
Gold prices rose by 0.25% at 08:25 GMT to trade at $ 1,240.52 per ounce from the opening level of $ 1,237.48, and recorded a high of $ 1,241.18 and a low of $ 1,237.29.
Gold prices ended yesterday’s trading flat with little change after recording a five-month high of $ 1,244.31 an ounce earlier in the session.
US 10-year bond yields fell for the second consecutive day and hit 2.896% on Friday, the lowest since August.
The yields have fallen on a recent scale, especially as doubts over the likelihood of the Federal Reserve continuing to raise US interest rates in 2019 have intensified, following comments by Federal Reserve Chairman Jerome Powell that interest rates are slightly lower than neutral.
The Wall Street Journal reported that Federal Reserve members were considering taking a wait-and-see stance after a possible rate hike at their meeting later this month.
In order to re-evaluate the growth path of the world’s largest economy in the fourth quarter of this year, and the likelihood of the Federal Reserve continuing to tighten monetary policy, investors are expected to release important data on the US labor market later today. Prices of gold and other metals denominated in US dollars.