Gold down as investors await US jobs report

02.09.2021 - Davydova Maria
Gold down as investors await US jobs report

Gold dropped on Thursday in Asia as investors await the latest US jobs report. There were very little movements as investors look to the report for clues about the US Federal Reserve’s plan regarding asset tapering, with preceding employment data missing expectations.

Gold futures fell 0.13% to $1,813.65 by 12:29 AM ET (4:29 AM GMT). The dollar, typically moving inversely to gold, crept up on Thursday but stayed near multi-week lows.

The US jobs report, including non-farm payrolls, is due on Friday. Investors will be poring over the report for insight on the Central Bank’s timelines for asset tapering and increase in interest rates. Fed Chairman Jerome Powell had indicated that the labor market’s recovery will determine when the Fed will begin asset tapering.

In news on other precious metals, silver remained steady at $24.17, while both platinum and palladium dipped 0.6% and 0.2%, respectively.

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