Gold is headed for the longest stretch of weekly gains since 2011 as investors count down to the release of a highly-anticipated US jobs report that could provide clues on the Federal Reserve’s interest rate path.
Bullion’s higher for the seventh week as investors bet on looser policy from the central bank after signs of a slowdown. The non-farm payrolls data later Friday is projected to show a rise of 160 000 in June, and while that would up from 75,000 a month earlier, it’d be lower than the rise a year earlier.
It would take an “absolute blockbuster” result to change the view that the Fed will cut rates at its next meeting, said Chris Weston, head of research at Pepperstone Group in Melbourne. Lower rates tend to benefit bullion.