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Gold holds steady ahead of key US jobs data; Poised for 3% weekly gain
07-Mar-2025, 02:15
Gold held steady at $2927 per ounce on Friday, eyeing a near 3% weekly gain as its safe-haven charm shined amid escalating global trade tensions. A weaker US dollar, with the index dipping below 104, gave commodities some breathing room ahead of the key US jobs report. Market nerves stayed high as Trump extended tariff relief for Mexico and Canada until April 2, while China prepared fresh retaliatory measures. Mixed US jobs data added to the uncertainty, with layoffs hitting a 2020 high even as jobless claims improved. All eyes now turn to the non-farm payrolls for clues on the labor market and the Fed's next move. Meanwhile, MCX gold futures for April delivery traded at Rs 85965 per 10 grams, down Rs 69.
Gold held steady at $2927 per ounce on Friday, eyeing a near 3% weekly gain as its safe-haven charm shined amid escalating global trade tensions. A weaker US dollar, with the index dipping below 104, gave commodities some breathing room ahead of the key US jobs report. Market nerves stayed high as Trump extended tariff relief for Mexico and Canada until April 2, while China prepared fresh retaliatory measures. Mixed US jobs data added to the uncertainty, with layoffs hitting a 2020 high even as jobless claims improved. All eyes now turn to the non-farm payrolls for clues on the labor market and the Fed's next move. Meanwhile, MCX gold futures for April delivery traded at Rs 85965 per 10 grams, down Rs 69.
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