Gold futures climbed sharply on Friday, getting a boost from disappointing monthly U.S. jobs data, but prices still posted a slight loss for the week after settling Thursday at their lowest in more than seven weeks. "Gold has not performed well this week, as we are concerned about the potential of deflation," said James Hatzigiannis, chief market strategist at Ploutus Capital Advisors. The Federal Reserve is set to be more aggressive and with inflation rising, that could "result in the central bank ending asset purchases sooner than we have expected for the next year," he said. "That is why you have not seen that haven appeal gold typically shows." February gold rose $21.20, or 1.2%, to settle at $1,783.90 an ounce. A week ago, the most-active contract settled at $1,785.50.
Dec. 3, 2021, 1:41 p.m. EST
