Gold hits five-month peak

BENGALURU

Dec 9, 2018-

Gold hit a five-month peak on Friday as the dollar slid following weaker-than-expected US jobs data, which added to expectations the US Federal Reserve may go slow on interest rate hikes next year. Spot gold gained 0.7 percent to $1,245.74 per ounce at 11:45 am EST (1645 GMT), having hit $1,246.72 per ounce earlier, its highest since July 13. With a rise of nearly 2 percent this week, gold looked set to post its best gain since the week of March 23. US gold futures were also 0.6 percent higher at $1,251.30 per ounce. “The non-farm payroll data came out lower than expected. It is a negative pick that is causing people to hedge a little bit more in gold and any shorts are probably covering and adding few longs to the market,” said Miguel Perez-Santalla, vice president of Heraeus Metal Management in New York. (REUTERS)

Published: 09-12-2018 08:27

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