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Gold rises on weaker dollars, equities; focus on US jobs data

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Gold prices rose on Thursday as a slightly weaker Ough.S. dollar and a reduction in global equities removed demand for the safe-haven material, while investors awaited the discharge of U.S. non-farm payrolls data for September.

FUNDAMENTALS

Spot yellow metal was up 0.4% at $1,937.84 per ounce by 0102 GMT, after falling to some near one-week low on Thursday. Bullion has decreased 1.5% so far now.

U.S. gold futures and options rose 0.2% to help $1,942.20.

The dollar index fell zero.1% against its equals after rising to a next to one-week high in the previous procedure, making gold less expensive intended for holders of other currencies.

Asian stocks were started open in the red on Thursday, after Wall Street’s standards posted their biggest one-day declines in nearly 3 months.

The head of the Chi town Federal Reserve on Wed called on Congress to provide more fiscal aid together with signaled U.S. economic policy would be eased additional and interest rates kept in ultra-low levels for years to support the economy recover its pre-pandemic strength.

Lower interest rates reduce the opportunity cost of holding non-yielding bullion.

More than 26.15 million people have also been reported to be infected by novel coronavirus globally together with 863,863 have perished, according to a Reuters tally.

U.S. weekly out of work claims fell below a single million last week for the subsequent time since the pandemic started out, but that did not sign a strong recovery in the job market.

Investors now watch for U.S. payroll numbers due later in the time for further signs of labor market stagnation.

Silver gained 1.1% to $26.92 per ounce, platinum flower 0.6% to $894.97 and palladium climbed 0.5% to $2,295.98.

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