Gold rises in Asia on dropping sterling
On Friday, gold gained in Asia, as the British pound tumbled in thin trade because traders waited for American jobs data and also the return of China to the financial markets next week after a week-long holiday.
In New York, December delivery gold futures ascended 0.41%, reaching $1,258.15 per troy ounce. Meanwhile, December delivery silver futures recovered to $17.343 per troy ounce, so they stood almost flat.
The British pound sank steeply in Asia on Friday, following surging worries over the terms of a break from the EU and comments by the government earlier this week that the formal move would come by March of 2017.
Investors were focusing on Friday’s American nonfarm payrolls report for further clues on the strength of the job market, as the Fed has indicated that future interest rate verdicts will be solely data-dependent.
Overnight, gold extended its overnight losses, demonstrating the lowest outcome for nearly four months during North America's trading session on Thursday, amid surging expectations for a December rate lift by the Federal Reserve.