Gold Down, Dollar Softens on Easing Growth Fears
2022.07.08 06:16
Gold was down on Friday morning in Asia although growth fears seem to ease.
Gold futures inched down 0.01% to $1,739.60 by 11:07 PM ET (3:07 AM GMT). The dollar which normally moves inversely to gold, edged down on Friday morning.
Gold prices have lost about 3.7% this week. It is likely to be their fourth straight weekly fall and worst since mid-May.
Benchmark U.S. 10-year Treasury yields dipped on Friday, lending non-yielding bullion a hand.
U.S. initial jobless claims rose to 235,000 last week, signaling that demand for labor is cooling, as the U.S. Federal Reserve delivers tightening monetary policies.
U.S. Federal Reserve governors Christopher Waller and St. Louis Fed President James Bullard backed on Thursday the need for restrictive policy to bring down soaring prices but suggested that the U.S. can still avert a recession.
Boosting market sentiment, U.S. President Joe Biden will discuss possible U.S. tariffs on Chinese goods in a meeting with advisers later in the day.
In other precious metals, silver was down 0.46%. Platinum fell 0.27%, while palladium eased 0.36%.
