Gold up ahead of US jobs report

03.09.2021 - Korneychuk Evgeniya
Gold up ahead of US jobs report

Gold rose on Friday in Asia, making small gains as the dollar continues to weaken. Investors now turn toward the latest US jobs report to look for clues on the US Federal Reserve’s timeline for asset tapering and interest rate hikes.

Gold futures edged up 0.08% to $1,812.95 by 1:13 AM ET (5:13 AM GMT) but remained poised for their first weekly decline in four. The dollar, typically moving inversely to gold, rose on Friday but remained close to a one-month low.

The US jobs report, including non-farm payrolls, is due within the day. The report will be a point of focus for investors as the labor market’s recovery is one of the Central Bank’s requisites before it could begin asset tapering and increase interest rates.

Meanwhile, SPDR Gold Trust reported a 0.2% decrease in its holdings, down to 998.52 tons on Thursday—its lowest level since April last year.

In other precious metals, silver crept up 0.2%, while platinum gained 0.1% and palladium added 0.3%.

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