Gold down ahead of US jobs report

03.08.2021 - Petr Mazaylo
Gold down ahead of US jobs report

Gold fell in Asia on Tuesday as investors continue to wait on the latest US jobs report. The data from the report could provide investors with insights on the Fed’s next policy move.

Gold futures dropped 0.49% to $1,813.35 by 1:15 AM ET (5:15 AM GMT), but still managed to hover above the $1,800 mark.

On the people front, investors had been appeased by Fed Chairman Jerome Powell’s pronouncement that interest rate hikes were still a “ways away” as the central bank handed down its latest policy in the previous week. Powell’s comment has helped boost gold to its two-week peak.

Fed Governor Christopher Waller stated on Monday that the Fed could begin asset tapering by October this year if the next two US jobs report each show an 800,000 to 1 million rise in employment.

Meanwhile, SPDR Gold Trust holdings dipped 0.2% to 1,029.71 tons on Monday, indicative of investors’ weak sentiment.

In other precious metals news, silver and platinum took a 0.5% loss, while palladium crept up 0.1%.

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