Gold steadies in cautious mood ahead of US jobs data by Reuters

Gold steadies in cautious mood ahead of US jobs data by Reuters
Gold steadies in cautious mood ahead of US jobs data by Reuters

© Reuters. 24 karat gold bars in a photo from the Reuters archive

(Reuters) – Gold settled on Thursday, as investors awaited U.S. jobs data, whose improvement will allow the Federal Reserve to begin tapering stimulus, a move one analyst predicted could drop the metal’s prices to $1,725.

There was little change in the record, which recorded $ 1763 an ounce (an ounce) by 0651 GMT, while US gold futures rose 0.1 percent to $ 1764.10 an ounce.

The US stabilized near its highest level in a year, supported by inflation concerns and expectations that the Federal Reserve will take urgent action towards normalizing politics, which also prevented gold from rising.

A rising dollar makes gold less attractive to holders of other currencies.

“Central banks are in a precarious position, watching inflation as it continues to rise,” said Stephen Innes, managing partner at SBI Asset Management. Central banks switch to raising interest rates.

US non-farm payrolls data on Friday is expected to show an improvement in the labor market, which is likely to prompt the central bank to start reducing support for the pandemic-related economy before the end of the year.

As for other precious metals, it rose in spot trading by 0.6 percent to $22.73 an ounce, and platinum settled at $984.69, and increased by 0.9 percent to $1,906.18.

(Prepared by Mahmoud Salama for the Arab Newsletter)

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Gold steadies cautious mood ahead jobs data Reuters

 
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