Gold hits two-week high as yields retreat
Gold prices reached a two-week high as the US dollar and Treasury yields weakened following a drop in oil prices. Investors are now awaiting key US payrolls data for further clues on future Federal Reserve rate policy.
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Gold rose 1% to $4,100.27 per ounce during Thursday afternoon trade as the dollar and Treasury yields weakened. The move followed a 3.4% jump on Wednesday, marking the largest daily gain since August 19. Investors are now positioning for upcoming non-farm payrolls data to gauge the path of interest rates.
