Gold prices rise $20 ahead of US jobs data

Gold prices rose today, Nov. 4, as investors are anticipating the release of US jobs data to recognize the impact of tough monetary policy on the US labor market.

However, gold prices are heading for the second-straight weekly losses, as the Federal Reserve affirmed that the tightening monetary policy will not end soon.

The bank is expected to further increase interest rates during the upcoming meetings after approving a 75- point hike this week.

The US job data is set to be released today, amid expectations that the US economy will add 200,000 jobs in October, with the unemployment rate rising from 3.5% to 3.6%.

Gold futures for December delivery rose by 1.21%, or $19.75, to $1,650.05 an ounce at 9:58 am Makkah time. Spot prices also increased by 1.16% to $1,648.90 an ounce.

Silver futures for December delivery were up 1.65% to $19.75 per ounce, while spot prices for platinum gained 1.16% to $929.59. Palladium prices also leapt 1.92% to $1,836.06.

Meanwhile, the dollar index, which measures the performance of the US currency against a basket of six major currencies, fell 0.40% to 112.52 points.