Gold settles in cautious mood ahead of US jobs data

Gold settles in cautious mood ahead of US jobs data
Gold settles in cautious mood ahead of US jobs data

Gold settled on Thursday, as investors awaited US jobs data, the improvement of which will allow the Federal Reserve to begin reducing stimulus, a move one analyst expected could bring prices of the metal to $ 1,725.
There was little change in gold in spot transactions, which recorded 1763 dollars an ounce (an ounce) during trading, while US gold futures rose 0.1% to 1764.10 dollars an ounce.
The US dollar settled 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 continue to rise… Past experience suggests that this is good for gold, but it doesn’t work that way in an environment that starts out,” said Stephen Innes, managing partner at SBI Asset Management. Where central banks in the switch to raise interest rates.
On Friday, US non-farm payrolls data 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, silver rose in spot transactions 0.6% to $22.73 an ounce, platinum settled at $984.69, and palladium increased 0.9 percent to $1,906.18.
(Reuters)

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Gold settles cautious mood ahead jobs data

 
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