Gold inches up, but set for worst week in ten

Feb 5: Gold edged up on Friday, recovering from its lowest level in more than two months, but is still on course to post its worst week in ten due to a firmer dollar.


* Spot gold rose 0.2% to $1,795.10 per ounce by 0042 GMT. Prices were down 2.7% for the week, it’s biggest weekly decline since Nov. 27. U.S. gold futures gained 0.4% to $1,797.60.

* On Thursday, prices fell to their lowest since Dec. 1 at $1,784.76.

* Democrats in the U.S. Senate were poised on Thursday to take a first step toward the ultimate passage of President Joe Biden‘s $1.9 trillion COVID-19 relief proposal.

* U.S. jobless claims decreased further last week, suggesting the labor market was stabilizing.

* The dollar held firm at a more than two-month peak on Thursday, while longer-term U.S. Treasury yields rose as investors positioned for a large pandemic relief package from Washington and a stabilizing U.S. labor market.

* The Bank of England gave British lenders breathing space of at least six months on Thursday before negative interest rates are a possibility.

* Holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust rose 0.2% to 1,159.84 tonnes on Thursday.

* Spot silver added 0.1% to $26.31 but were down 2.5% for the week. Prices have eased since hitting a near eight-year peak of $30.03 on Monday as the social media-driven rally fizzled out.

* Australia’s Perth Mint said on Thursday its January silver coin sales jumped 23.5% from the previous month.

* Platinum shed 0.1% at $1,096.88 an ounce and palladium gained 0.2% to $2,286.83.

DATA/EVENTS (GMT) 0430 India Cash Reserve Ratio 0430 India Repo Rate, Reverse Repo Rate 0700 Germany Industrial Orders MM Dec 0830 UK Halifax House Prices MM Jan 1330 US Non-farm Payrolls, Unemployment Rate Jan 1330 US Average Earnings YY Jan 1330 US International Trade Dec

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