Gold prices slightly higher ahead of US jobs data today

Gold futures saw a marginal rise today, Aug. 5, heading for the third weekly gain amid tensions between the US and China, as well as global slowdown which strengthened demand for safe assets.

Geopolitical tensions escalated after Beijing strongly responded to US House Speaker, Nancy Pelosi’s, visit to Taiwan, as Beijing regards Taiwan as part of its territory.

On the other hand, markets are anticipating today the US jobs data amid expectations for adding 250,000 jobs in July, down from 372,000 in June.

Gold futures for December delivery edged 0.09%, or $1.70 up, to $1,808.6 per ounce at 10:33 am Makkah time. Spot gold slipped 0.08%, or $1.49, to $1.789.79 per ounce, despite gaining 1.5% this week.

Silver futures for September delivery added 0.26% to$20.18 per ounce. Spot platinum prices rose 0.76%, or $7.10, to $938.33. Spot palladium jumped 2.23% to $2,110.14.