Gold Gains As Dollar Dips Ahead Of Jobs Report
(RTTNews) - Gold traded higher above $4,700 an ounce on Friday as the dollar index struggled around the 98 mark ahead of the U.S. jobs report due later in the day and the CPI report, scheduled for next Tuesday.
Additionally, the U.S. Senate will vote on May 11 to invoke cloture on the nomination of Kevin Maxwell Warsh as the 17th chair of the Federal Reserve.
Spot gold jumped 0.7 percent to $4,721.02 an ounce while U.S. gold futures were up 0.4 percent at $4,727.60.
Traders looked ahead to the release of the U.S. non-farm payrolls report later in the day for directional cues after private sector job growth soared in April.
Analysts expect an increase of 62,000 jobs in the month, down from 178,000 in March, while the unemployment rate is seen holding steady at 4.3 percent.
On the geopolitical front, the Middle East situation remains uncertain. Iran created a new agency to formalize its control over the Strait of Hormuz and activated its air defense systems, intensifying fears of a broader military crisis in the region.
The U.S. and Iran traded fire in the Strait of Hormuz and accused each other of carrying out attacks in the sharpest confrontation since the fragile U.S.-Iran ceasefire came into effect on April 7.
The U.S. military said it "remained positioned and ready to protect American forces" after intercepting unprovoked Iranian attacks on three Navy ships.
U.S. President Donald Trump insisted that the ceasefire remained in effect but warned of harsher military action if no deal is signed quickly.
While insisting talks were "going very well," Trump said great damage was done to the Iranian attackers and there will be harsher military action "if they don't get their deal signed, FAST!"
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