Gold down but boosted by weak US data

06.09.2021 - Evdokimov Roman
Gold down but boosted by weak US data

Gold dropped on Monday in Asia but is still below a two-and-a-half-month high. A lackluster US jobs report means that the US Federal Reserve could push back its timeline for asset tapering, boosting the safe-haven asset.

Gold futures edged down 0.30% to $1,828.25 by 12:15 AM ET (4:15 AM GMT), after reaching $1,833.80, its highest level since June 16, during the previous session.

Investors are still mulling over the latest US jobs report released on Friday, which showed non-farm payrolls were at 235,000 in August. With the smallest gains in seven months and the Central Bank making the labor market’s recovery a requisite for asset tapering, investors are now expecting a delay in the Fed’s starting of the process.

In other precious metals, silver remained flat at $24.69 per ounce. Prices went up 3.4%, the largest one-day increase since May, during the last session. Platinum inched down 0.6%, while palladium rose 0.2%.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.net or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?