Gold poised for weekly gain; US payrolls data on tap
Fri Mar 07 2025
Gold prices inched lower on Friday but were on track for a weekly rise as uncertainty around U.S. President Donald Trump's tariff plans firmed demand for bullion, while investors awaited for U.S. non-farm payrolls data later in the day.
FUNDAMENTALS
* Spot gold slipped 0.3% to $2,900.48 an ounce as of 0017 GMT. Bullion has gained 1.6% so far this week.
* U.S. gold futures eased 0.6% to $2,908.70.
* Trump on Thursday suspended the 25% tariffs he imposed this week on most goods from Canada and Mexico, the latest twist in a fluctuating trade policy that has whipsawed financial markets and fanned worries over inflation and a growth slowdown.
* U.S. jobless claims fell more than expected last week, suggesting that the labor market remained stable in February, though turbulence lies ahead from tariffs on imports and deep government spending cuts.
* Federal Reserve Governor Christopher Waller said he leans strongly against a rate cut at the Fed's upcoming policy meeting this month, although he reckons cuts later in the year remain on track if inflation pressures continue to abate.
* Bullion is seen as a hedge against political risks and inflation, but higher-for-longer interest rates dampen the non-yielding asset's appeal.
* Spotlight is on the non-farm payrolls report due at 1330 GMT, which is expected to show a gain of 160,000 jobs for February, a Reuters survey showed.
* Spot silver was little changed at $32.60 an ounce and platinum was largely flat at $965.23, while palladium fell 0.3% to $939.25.