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Gold climbs for third straight session as dollar drops
Gold prices rose on Wednesday for the third straight session as the dollar dropped against most major rivals with traders analysing US President Donald Trump’s policies.
The US Trade Secretary Howard Lutnik said the Trump administration might announce a mechanism for reducing the 25% tariffs on Mexico and Canada.
Earlier data showed the US private sector added 77 thousand jobs in February, far below estimates of 141 thousand, and down from 186 thousand in January.
The US ISM PMI rose to 53.5 in February from 52.8 in January, while analysts expected a drop to 52.5.
Now investors await the more important US payrolls report next Friday, expected to show the addition of 170 thousand new jobs in February.
Otherwise, the dollar index fell 1.4% as of 20:04 GMT to 104.2, with a session-high at 105.7, and a low at 104.2.
On trading, gold spot prices rose 0.3% as of 20:05 GMT to $2929 an ounce.
US crude stocks rise more than expected last week
The Energy Information Administration reported a buildup of 3.6 million barrels in US crude stocks last week to a total of 433.8 million barrels, while analysts expected a build of 0.2 million barrels.
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MoreUS private sector adds less jobs than expected in February
The US private sector added 77 thousand jobs in February, far below estimates of 141 thousand, and down from 186 thousand in January.
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