"The reason for gold not sort of firing higher right now is because the dollar is picking up steam," says Stephen Innes, chief market strategist at financial services firm AxiCorp.GOLD prices rose on Friday, as US Treasury yields fell and a pullback in global equities bolstered demand for the safe-haven metal ahead of US non-farm payrolls data, but a strong dollar put bullion on track for a weekly decline.
Spot gold was up 0.2 per cent at US$1,935.10 per ounce by 0651 GMT, off a near one-week low hit on Thursday. Bullion prices have declined 1.5per cent so far this week."It's a bit of a flight to safety right now that we are seeing in gold, because the stock markets are lower," said Edward Meir, an analyst at ED&F Man Capital Markets."What also could be helping gold is the sharp slide we are seeing in US yields.
Asia's stock markets slipped, following the steepest Wall Street sell-off since June, while benchmark 10-year US Treasury yields were on track for their biggest weekly decline in nearly three months. Lower bond yields reduce the opportunity cost of holding non-interest bearing gold.
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