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Weaker dollar boosts gold ahead of U.S. jobs data

Category: Economy

Date: 2021-09-03T10:25:29+0000
Weaker dollar boosts gold ahead of U.S. jobs data

Shafaq News / Gold prices rose on Friday, propped up by a weaker dollar, with investors awaiting the U.S. jobs data to gauge the Federal Reserve's plans to start tapering asset purchases.

Spot gold rose 0.2% to $1,812.97 per ounce by 0641 GMT, and was down 0.2% for the week.

U.S. gold futures were also up 0.2% at $1,814.80.

The dollar index hovered near a one-month low, bolstering gold's appeal to those holding other currencies. The greenback was headed for second straight weekly decline.

A weaker number "would be quite positive for gold, cause it reinforces (Fed Chair Jerome) Powell's more cautious outlook for the U.S. economy... We could see a break below $1,800 threshold if we get a strong print," Innes added.

Ahead of the Labor Department's non-farm payrolls report, due at 1230 GMT, data showed the number of Americans filing new claims for jobless benefits fell last week, while layoffs dropped to their lowest level in more than 24 years in August.

Powell had said last week if job growth continues, the central bank could start to cut its asset purchases this year, but would remain cautious in decision to raise interest rates.

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

Spot gold is biased to drop into a range of $1,788-$1,797 per ounce, as the consolidation above a falling trendline lasts too long, according to Reuters technical analyst Wang Tao.

Silver rose 0.3% to $23.96 per ounce.

Platinum was 0.3% higher at $1,001.66, while palladium climbed 0.6% to $2,415.49.

Source: Reuters

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