Gold set for worst week in more than 2 months; US jobs data eyed
May 2 – Gold prices were poised for their worst weekly performance in more than two months on Friday as receding trade tensions tempered safe-haven demand, while the market’s focus shifted to the U.S. non-farm payrolls report, due later in the day.
* Spot gold was steady at $3,240.34 an ounce as of 0020 GMT.
* Gold has lost more than 2% so far this week, the steepest weekly fall since late February.
* U.S. gold futures rose 0.8% to $3,248.80.
* The United States has approached China seeking talks over President Donald Trump’s 145% tariffs, a social media account affiliated with Chinese state media said, potentially signalling Beijing’s openness to negotiations.
* Meanwhile, Trump ousted his national security adviser Mike Waltz and named Secretary of State Marco Rubio as his interim replacement in the first major shake-up of his inner circle since taking office in January.
* Market now awaits U.S. non-farm payrolls report due later in the day for more cues into the Federal Reserve’s policy path.
* Non-farm payrolls likely increased by 130,000 jobs in April after rising by 228,000 in March, a Reuters survey showed. The unemployment rate is estimated to remain unchanged at 4.2%.
* Chinese markets are closed for the Labour Day holiday from May 1-5 and will resume trade on Tuesday, .
* Spot silver rose 0.2% to $32.47 an ounce, platinum firmed 0.8% to $966.08 and palladium gained 0.3% to $943.50.
DATA/EVENTS 0750 France HCOB Manufacturing PMI Apr 0755 Germany HCOB Mfg PMI Apr 0800 EU HCOB Mfg Final PMI Apr 0900 EU HICP Flash YY, HICP-X F,E,A&T Flash YY, HICP-X F, E, A, T Flash MM Apr 0900 EU Unemployment Rate Mar 1230 US Non-Farm Payrolls, Unemployment Rate, Average Earnings YY Apr 1400 US Factory Orders MM Mar
This article was generated from an automated news agency feed without modifications to text.
