Gold Hits New High, Market Focus Shifts to US NFP Data

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Gold rose for the third consecutive day, up 0.35% on safe-haven demand driven by concerns over Donald Trump's aggressive policies and the budget crisis in the United Kingdom (UK).


At 9.30 am, gold prices were at $2,670.64, unchanged since opening early Friday in Asian trading.


Recently, CNN media reports revealed that Donald Trump may consider declaring a national economic emergency that would strengthen the law on imposing tariffs on US enemies and allies.


Fed Governor Michelle Bowman maintained her hawkish stance and said the central bank should be cautious in adjusting interest rates.


Kansas City Fed's Jeffrey Schmid said that the current rate is approaching neutral.


Earlier, Philadelphia Fed's Patrick Harker revealed that the US central bank should pause amid uncertainty and Boston Fed's Susan Collins said the current outlook suggests a gradual approach to reducing rates.


At the end of the week, the market will be presented with Non-Farm Payroll (NFP) data and the University of Michigan Consumer Sentiment.

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