Gold Soars Above $4,280 as Investors Await US Jobs Report
Gold prices have surged above $4,280 an ounce on Friday as investors await the latest US jobs report.
The precious metal has experienced a significant turnaround from earlier in the week when it traded close to $4,030 an ounce due to concerns about inflation and monetary policy direction.
One major factor behind gold's recovery is the decline in crude oil prices from their July highs.
Brent crude has surrendered some of its gains, currently trading at around $83 per barrel after reaching as high as $102 per barrel two weeks ago.
The lower energy prices have helped to moderate concerns about another oil-driven inflation shock, which could influence central banks' monetary policy decisions.
With expectations of lower or more stable borrowing costs reducing the opportunity cost associated with holding gold, investors are now focusing on the US employment report for further direction on monetary policy.