New record from gold
Gold rose above $2,400 an ounce as concerns about rising tensions between Israel and Iran boosted safe-haven demand.
Bullion rose as much as 1.3 percent, heading for its fifth weekly rise, following unconfirmed reports of explosions in Iran, Syria and Iraq.
Rhetoric between Iran and Israel has intensified since last weekend’s drone and missile attack, with Iran warning against attacking its nuclear facilities and threatening to respond in kind if targeted. Meanwhile, the USA called for moderation.
Those geopolitical risks largely offset employment data on Thursday, which fueled concerns that the Fed has a ways to go before cutting interest rates; This view is shared by some policymakers. High borrowing costs are generally a negative for precious metals that pay no interest.
Strong demand from global central banks and Chinese consumers also supported bullion, which rose to last week’s record high. Data on Thursday showed that exports from Switzerland to China increased by 31 percent in March compared to the previous month.
Spot gold was trading 1.1 percent higher at $2,404.95 per ounce at 09:36 Singapore time. Bloomberg Dollar Spot Index rose 0.2 percent. Silver, palladium and platinum also rose.