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Markets

Gold holds tight range as focus turns to US jobs data

  • Silver was little changed at $26.00 per ounce, while platinum was steady at $1,082.58. Both were down for the week
02 Jul 2021

Gold prices held in a tight range on Friday as investors stayed away from making big bets ahead of the US nonfarm payrolls data that could sway Federal Reserve's monetary policy stance.

FUNDAMENTALS

  • Spot gold was steady at $1,777.17 per ounce, as of 1251 GMT. It has fallen 0.2% so far this week. US gold futures rose 0.1% to $1,778.70.

  • The dollar held near three-month highs, making gold expensive for holders of other currencies.

  • US non-farm payrolls data due at 12:30 GMT is likely to show an increase of 690,000 jobs last month, compared with 559,000 in May, according to a Reuters poll.

  • Data on Thursday showed the number of Americans filing new claims for unemployment benefits fell more than expected last week, while layoffs plunged to a 21-year low in June.

  • The Democratic-controlled US House of Representatives approved a $715 billion surface transportation and water infrastructure bill in what Democrats see as an early step toward sweeping infrastructure legislation that Congress hopes to complete in September.

  • Some investors are betting that US government bond yields will stay subdued or continue weakening in the second half of the year.

  • Bolivia's government is looking to stabilise the country's economy, which plunged the most in over half a century last year, with a mix of fiscal spending, vaccines and gold.

  • SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.3% to 1,043.16 tonnes on Thursday.

  • Silver was little changed at $26.00 per ounce, while platinum was steady at $1,082.58. Both were down for the week.

  • Palladium eased 0.1% to $2,761.69 but was set for a second straight weekly gain.

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