by Sybilla Gross
Gold was steady near a record high ahead of a key US jobs report, while heightened geopolitical tensions and economic concerns continued to support haven demand.
Bullion traded near $2,860 an ounce — and is up more than 2% this week — before the nonfarm payrolls data due Friday. A weak print could boost expectations for further Federal Reserve rate cuts, while a stronger-than-expected number may have the opposite effect. Lower borrowing costs tend to benefit gold, as it doesn’t pay interest.
The US-China trade war and fears that President Donald Trump will follow through on threats to impose tariffs on other nations, as well as his unconventional geopolitical positions, are supporting gold’s role as a store of value in uncertain times. The precious metal’s bull market looks set to continue with prices likely to hit $3,000 an ounce within three months, Citigroup Inc. said in a note.
Markets are also trying to get a read on the potential implications for the US economy and monetary policy if the new administration’s policies on trade and immigration reignite inflation and impact growth.
Trade-war concerns have led dealers in London to shift metal to the US, fearing the possibility that bullion won’t be excluded from potential tariffs. Earlier, Bloomberg reported that gold in the Bank of England vault is trading at a discount to the wider market that’s resulting in weeks-long queues to withdraw metal amid a scramble for supply.
Spot gold rose 0.2% to around $2,863.23 an ounce as of 1:48 p.m. in Singapore, after touching an all-time high of $2,882.36 on Wednesday. The Bloomberg Dollar Spot Index added 0.1%, and is down 0.7% for the week. Silver, platinum and palladium were flat.
Copyright Bloomberg News
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