Gold edged higher in the morning hours of Friday’s session, as investors focus their attention on the upcoming U.S. nonfarm payrolls report for new clues on the Federal Reserve’s next policy moves.
On Friday’s Comex session at the New York Mercantile Exchange, gold futures for April delivery rose 0.25% to trade higher at $1,260.90.
Gold prices went up after a series of disappointing U.S. figures on Thursday dampened investors’ confidence over the outlook of the world’s biggest economy.
The Institute of Supply Management said that its non-manufacturing purchasing manager’s index for February fell significantly lower than expected.
Also causing concerns was the U.S. Department of Labor report stating that the number of people filing for initial jobless benefits rose to a four-week high last week.
Investors are looking at today’s U.S. employment report for new clues on the overall outlook of the job market as well as signs on whether the Federal Reserve adopts additional interest rate increases this year.
Gold prices typically edge higher when stocks and oil prices go down as investors look to safe haven assets for relief.
Elsewhere in metals trading, the price for silver futures scheduled for March delivery tacked on 1.41% to trade higher at $15.345 a troy ounce, while copper futures slated for May delivery continued the previous session’s gains, rising 0.95% to trade at $2.232 a pound.