Gold edged higher in Asian trade Friday and likely to finish on the higher side for the week, analysts said.

Gold for immediate delivery was seen trading at $1531.04 an ounce at 1.30 p.m Singapore time while US gold for August delivery was seen trading at $1,531.54 an ounce on the comex division of Nymex.

Analysts said the yellow metal is likely to advance further during the day despite reports of an improved US jobs data that may hit gold’s safe haven appeal.

The US Labour department will release employment report that is expected to show improvement in the labor market and boost optimism on prospects for the world’s largest economy.

Spot Silver was flat at $36.40, on course for a 7.2-percent weekly ascent, it best week since end of May.

Meanwhile, Holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, remained unchanged at 1,205.809 tonnes, their lowest since mid-June.

Holdings in the iShares Silver Trust , the world’s biggest silver ETF, dropped to 9,532.4 tonnes, the lowest since Sept. 22, 2010.

On Thursday, gold futures extended gains for a third straight session on Thursday as investors appeared hesitant before the U.S. unemployment numbers due Friday.

Gold for August delivery rose $1.40 to finish at $1,530.60 an ounce on the Comex division of the New York Mercantile Exchange.

It is the first settlement above $1,530 since June 22. September silver finished at $36.54 an ounce, up 62 cents, and Copper for September delivery added 11 cents to settle at $4.44 a pound.

Similar Posts:

Share