Gold holds tight range as focus turns to US jobs data

Gold holds tight range as focus turns to US jobs data

Gold prices held in a tight range on Friday as investors stayed away from making big bets ahead of the U.S. nonfarm payrolls data that could sway Federal Reserve‘s monetary policy stance.

Spot gold was steady at $1,777.17 per ounce, as of 1251 GMT. It has fallen 0.2% so far this week. U.S. gold futures rose 0.1% to $1,778.70.

The dollar held near three-month highs, making gold expensive for holders of other currencies.

U.S. non-farm payrolls data due at 12:30 GMT is likely to show an increase of 690,000 jobs last month, compared with 559,000 in May, according to a Reuters poll.

Data on Thursday showed the number of Americans filing new claims for unemployment benefits fell more than expected last week, while layoffs plunged to a 21-year low in June.

The Democratic-controlled U.S. House of Representatives approved a $715 billion surface transportation and water infrastructure bill in what Democrats see as an early step toward sweeping infrastructure legislation that Congress hopes to complete in September.

Some investors are betting that U.S. government bond yields will stay subdued or continue weakening in the second half of the year.

Bolivia’s government is looking to stabilise the country’s economy, which plunged the most in over half a century last year, with a mix of fiscal spending, vaccines and gold.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.3% to 1,043.16 tonnes on Thursday.

Silver was little changed at $26.00 per ounce, while platinum was steady at $1,082.58. Both were down for the week.

Palladium eased 0.1% to $2,761.69 but was set for a second straight weekly gain.

About Author

Related posts

EXXON MOBIL Technical Analysis

Stock Market: EXXON MOBIL Price Chart, Analysis, And Trading Signals

EXXON MOBIL Technical Analysis: Weekly Chart In the weekly charts, EXXON MOBIL is trading in an up channel. EXXON MOBIL is currently trading above all SMA. RSI is in buying zone which indicates bullishness. MACD is currently above zero which indicates bullishness. Its immediate support is 88.16 & the...

Read More