Gold on the rise ahead of US employment data

Gold headed for a consecutive weekly rise ahead of US employment data that will offer investors clues about the economic outlook.

Spot gold, which rose more than 1 percent this week, is trading at $ 2,364 per ounce on the last trading day of the week. According to the calculation made with ounce gold and USD/TL, gram gold is at 2,483 TL.

Gold’s rise this week continues a three-quarter upward streak, with prices reaching a record high in May. This rise was driven by heavy central bank buying and geopolitical tensions. On the other hand, the depreciation of local currencies and investors’ search for value-protected assets also supported gold.

The US employment report to be released today is expected to show a decline in hiring and a moderate increase in wage growth. Employment data released on Wednesday showed that the service sector in the US contracted at the fastest pace in the last four years and that there was more softening in the labor market.