Gold Rises for Fourth Week in a Row
Gold prices rose for the fourth week in a row after US jobs data dampened expectations
New York - QNA
Gold prices rose for the fourth week in a row after US jobs data dampened expectations that the US Federal Reserve will raise interest rates, but the metal gave up most gains as the dollar rose and safe haven demand ebbed.
For the week, spot gold XAU= rose 0.5% to close at $1,257.30 an ounce, touching its highest since November 10 at $1,270.46, putting it on track for a fourth consecutive week of gains.
US gold futures GCcv1 climbed 0.3% to settle at $1,257.30 an ounce.
Data showed that US employers added the fewest number of workers in 10 months in March, boosting gold, which is most attractive to investors in a low interest rate environment.
Meanwhile, the dollar index, which tracks the performance of the greenback against a basket of six major currencies, rose 101.1 points.
Source: QNA
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