Gold set for an increase due to US stimulus hope

Gulf Today Report

Gold remains steady on Friday as investors hope for US stimulus increases in preparation for US non-farm payrolls data due later in the day.

Spot gold was little changed at $1,840.75 per ounce by 05:28 GMT. US gold futures were up 0.2% at $1,844.10. Gold has added about 3% so far this week.

"Upward momentum (in gold) is strong partly because of a weakening dollar and prices have been technically oversold," said Margaret Yang, a strategist at DailyFX. 

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Yang added that gold could have support if it is at $1,800 and $1,750.

Among other metals, platinum gained 0.8% to $1,037.67 per ounce and palladium rose 1.7% to $2,340.32.

Silver fell 0.1% to $24.03 an ounce but was set to climb 5.8% in the week.