Gold prices hit a five-month high on Friday’s European session due to the accelerating investment demand for precious metals as safe havens, amid concerns about the rising geopolitical risks in the Middle East area following the US missile strike on an airbase in Syria, meanwhile investors focusing on the US nonfarm payrolls data to be released today to reassess the path of US interest rate hikes this year
Gold prices surged to $1,264.62 per ounce at 09:40GMT from opening price at $1,251.89 and reached its highest since 10 November at $1,269.20 and lowest at $1,250.46
Yesterday, gold dropped 0.2 % for the second straight day as USD rose against a basket of currencies after the US jobless claims in the week ending April 1 dropped sharply.
US President Donald Trump ordered to launch a missile strike on a Syrian airbase controlled by President Bashar al-Assad’s forces, in response to this week’s chemical attack on the town of Khan Sheikhun that resulted in deaths of more than hundreds of civilians.
According to media reports U.S. Navy has launched 59 Tomahawk missiles targeted Al-Shayrat the government-controlled air base.
Investors await the monthly US Non-Farm Payrolls data of March to be released later today for fresh clues of the future path of US interest rate hikes this year.
The US nonfarm payrolls data of March will be published today at 12:30 GMT, The data is expected to show growth of 174k new jobs in March to be added to the world’s largest economy from 235k created in February, unemployment rate of March is expected to hold steady at 4.7%, average hourly earnings are expected to rise 0.2% the same previous reading.