Commodities
Gold Climbs Ahead of US Jobs Data as Investors Focus on Election
- Bullion rebounds after biggest one-day drop since July
- Uncertainty over US presidential election boosts gold’s appeal
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Gold rebounded from its biggest one-day drop since July, as traders waited for key US jobs data and weighed potential market disruption ahead of the looming presidential election.
Bullion climbed as much as 0.5%, putting the precious metal on track for a small weekly gain. Payroll figures due later on Friday may offer further clues on the Federal Reserve’s easing trajectory, after markets slashed bets on aggressive interest-rate cuts on Thursday following an unexpected drop in new jobless claims and a pick-up in underlying inflation. Higher rates tend to weigh on gold, which doesn’t pay interest.