Gold gains on sluggish dollar; U.S. jobs in focus

Gold Gains on Jobs, Weak Dollar

Gold last traded at $1,830 an ounce. Silver at $24.72 an ounce.

NEWS SUMMARY: Precious metal prices rose sharply Friday on safe-haven buying and a weaker dollar. U.S. stocks declined after the August jobs report came in short of expectations, showing the impact of the delta-fueled Covid resurgence.

CNBC--"Gold prices rose on Friday after the dollar weakened, with investors awaiting the U.S. jobs data to gauge the Federal Reserve's plans to start tapering asset purchases, although for the week, the metal was headed for its first decline in four....

The dollar index fell to a one-month low, bolstering gold's appeal to those holding other currencies. The greenback was headed for second straight weekly decline.

'We're seeing minor pre-positioning for people that may be wanting to take a punt into the non-farm payroll,' said Stephen Innes, managing partner at SPI Asset Management.

A weaker number 'would be quite positive for gold, cause it reinforces (Fed Chair Jerome) Powell's more cautious outlook for the U.S. economy'....

Powell had said last week if job growth continues, the central bank could start to cut its asset purchases this year, but would remain cautious in decision to raise interest rates."