Published: 9/1/2023 5:39 AM ET
Gold inched higher on Friday and was on track for a weekly gain, as the dollar weakened and bond yields dipped on growing expectations that the Federal Reserve is done with raising rates.
Spot gold edged up 0.2 percent to $1,944.30 per ounce, while U.S. gold futures were up 0.3 percent at $1,970.75.
Recent data from the U.S. has been on the soft side, prompting traders to dial back rate-hike bets for the Fed’s September, November and December meetings.
The monthly jobs report along with a report on manufacturing activity may attract some attention in the New York session.
Economists expect U.S. employment to increase by 170,000 jobs in August after an increase of 187,000 jobs in July. The unemployment rate is expected to remain at 3.5 percent.
On Thursday, Fed Bank of Atlanta President Raphael Bostic said that U.S. monetary policy is already tight enough to bring inflation back down to 2 percent over a “reasonable” period.
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