Gold Edges Higher as Geopolitics Offset Stronger Dollar
Gold and silver prices have recovered some of their losses from Thursday's selloff, rising ahead of the North American market open on Friday. The precious metals sector steadied after a decline, despite stronger signals from the US labor market.
The European Central Bank held interest rates unchanged at 2.25%, while keeping its focus on the energy-price shock. Meanwhile, initial jobless claims in the United States fell by 22,000 to 187,000 for the week ended July 18, marking the lowest level since September 1969.
Firm Treasury yields and a stronger US dollar limited gold's upside, but geopolitical risks continued to provide support for the precious metal. Brent crude oil prices eased to $97.67 a barrel, while US crude traded near $89.76. The decline in oil prices did not remove the energy-risk premium from markets.