: Gold futures tally a weekly gain of more than 2%

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Gold futures climbed on Friday to post a weekly gain of more than 2%. The precious metal got a boost after a “solid” U.S. nonfarm payrolls report with cooling wages supported the idea that the Federal Reserve is “almost done with raising rates,” said Edward Moya, senior market analyst at OANDA. The ISM Services index, meanwhile, confirmed that U.S. economy is “showing further signs of weakening as the service sector shrinks, which should support the case for holding gold,” he said.​ Gold for February delivery gcg23 rose $29.10, or 1.6%, to settle at $1,869.70 an ounce on Comex. Prices based on the most-active contract climbed 2.4% for the week, FactSet data show.

This article was originally published by Marketwatch.com. Read the original article here.

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