© 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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