Home Money & Commodities Gold rides Fed wave to weekly gain

Gold rides Fed wave to weekly gain

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NEW YORK: Gold prices gained on Friday as they shrugged off stronger-than-expected monthly jobs data, and the precious metal was on pace to post a weekly gain of nearly 1% after major central banks struck a dovish tone on interest rates.
Spot gold rose 0.7% to $1,804.11 per ounce by 1516 GMT, recovering from a 0.3% drop shortly after data showed US employment increased more than expected in October.
US gold futures for December delivery gained 0.6% at $1,803.60 per ounce.
The limited reaction to the data shows “despite the strong labor market report, it is not going to change what Federal Reserve Chair Jerome Powell signalled this week,” said Edward Moya, senior market analyst at brokerage OANDA.