Sept 2 (Reuters) — Gold edged up on Friday but was headed for a third straight weekly drop, as data pointing at a resilient U.S.
economy bolstered the likelihood of Federal Reserve keeping interest rates higher for longer and pinned the dollar near recent peaks. FUNDAMENTALS * Spot gold inched up 0.1% to $1,697.80 per ounce, 릴게임사이트 as of 0055 GMT but was down 2.2% for the week so far. * U.S. gold futures were flat at $1,709.10.
* The dollar index was slightly off a 20-year peak scaled in the previous session and was on track for a third straight weekly rise. * The number of Americans filing new claims for unemployment benefits fell to a two-month low last week, while layoffs dropped in August.
* U.S. manufacturing grew steadily last month but factory activity in China, the euro zone and Britain fell as Russia’s war in Ukraine and China’s zero COVID-19 curbs continued to hurt businesses, surveys showed on Thursday, although there were indications cost pressures were starting to ease.
* Major central banks are expected to continue with aggressive monetary policy tightening to rein in sky-high inflation but is also fanning fears of an economic slowdown. * Even though gold is seen as a hedge against inflation and economic uncertainties, higher interest rates increase the opportunity cost of holding the bullion. * Persistent weakness last month in China’s property market and manufacturing sector has renewed risks to the major gold consumer’s recovery already threatened by disruptions from widespread COVID restrictions.
* Spot silver dipped 0.1% to $17.83 per ounce, 릴게임사이트 platinum edged 0.2% higher to $829.87 and palladium rose 0.3% to $2,018.63. DATA/EVENTS (GMT) 1230 US Non-Farm Payrolls Aug 1230 US Unemployment Rate Aug 1400 US Factory Orders MM July ECB president Christine Lagarde participates in a virtual G7 finance ministers’ and central bank governors’ meeting (Reporting by Eileen Soreng in Bengaluru; Editing by Rashmi Aich)
