WASHINGTON (dpa-AFX) - Gold prices edged higher on Friday after hitting over two-month lows in the previous session amid continued strength in the U.S. dollar.
Spot gold edged up 0.7 percent to $1,806.93 per ounce, after having fallen more than 2 percent to its lowest since Dec. 1 on Thursday. U.S. gold futures were up 0.9 percent at $1,808.10. There is some technical rebound as investors think Thursday's drop was overdone.
The dollar headed for its best weekly gain in three months amid signs of resilience in the U.S. labor market. As the pace of vaccination distribution picks up, there is growing confidence that the U.S. economic recovery will outpace its global peers.
The U.S. Labor Department will release its closely-watched report on the employment situation in the month of January later in the day.
Economists expect employment to rise by 50,000 jobs in January after a decline of 140,000 jobs in December.
Markets have ramped bets on stimulus and Covid-19 vaccines to fuel a swift economic rebound.
Copyright RTT News/dpa-AFX
© 2021 AFX News
