Gold down but boosted by weak US data
Gold dropped on Monday in Asia but is still below a two-and-a-half-month high. A lackluster US jobs report means that the US Federal Reserve could push back its timeline for asset tapering, boosting the safe-haven asset.
Gold futures edged down 0.30% to $1,828.25 by 12:15 AM ET (4:15 AM GMT), after reaching $1,833.80, its highest level since June 16, during the previous session.
Investors are still mulling over the latest US jobs report released on Friday, which showed non-farm payrolls were at 235,000 in August. With the smallest gains in seven months and the Central Bank making the labor market’s recovery a requisite for asset tapering, investors are now expecting a delay in the Fed’s starting of the process.
In other precious metals, silver remained flat at $24.69 per ounce. Prices went up 3.4%, the largest one-day increase since May, during the last session. Platinum inched down 0.6%, while palladium rose 0.2%.