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Gold listless as investors seek direction from U.S. jobs data

Category: Economy

Date: 2021-09-01T07:26:25+0000
Gold listless as investors seek direction from U.S. jobs data
Shafaq News / Gold prices were flat on Wednesday as investors awaited a key U.S. jobs report for clues on when the Federal Reserve might start reducing its pandemic-era stimulus measures.

Spot gold was steady at $1,815.60 per ounce, as of 0635 GMT, while U.S. gold futures were steady at $1,817.90.

The dollar index clawed 0.1% higher, but hovered closer to a more than three-week low hit on Tuesday.

Economists polled by Reuters see nonfarm payrolls increased by 750,000 in August.

A strong recovery in the labour market is a crucial prerequisite for Fed's decision on tapering.

Last week, Fed Chair Jerome Powell acknowledged in his remarks at the Jackson Hole symposium that tapering could begin this year, but it will remain cautious in its decision to raise interest rates.

His comments were deemed dovish and sent gold up 1.4% on Friday.

While gold is considered a hedge against inflation and currency debasement, caused by massive stimulus measures, lower interest rates also reduce the opportunity cost of holding non-yielding bullion.

Indicative of sentiment, holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 0.2% to 1,000.26 tonnes on Tuesday, its lowest level since April 2020.

Silver fell 0.3% to $23.82 per ounce while platinum eased 0.1% to $1,011.11. Palladium rose 0.7% to $2,483.33.

Source: Reuters

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