Gold holds tight range as focus turns to US jobs data
- Silver was little changed at $26.00 per ounce, while platinum was steady at $1,082.58. Both were down for the week
Gold prices held in a tight range on Friday as investors stayed away from making big bets ahead of the US nonfarm payrolls data that could sway Federal Reserve's monetary policy stance.
FUNDAMENTALS
Spot gold was steady at $1,777.17 per ounce, as of 1251 GMT. It has fallen 0.2% so far this week. US gold futures rose 0.1% to $1,778.70.
The dollar held near three-month highs, making gold expensive for holders of other currencies.
US 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 US 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 US 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.
Comments
Comments are closed.