Gold up, investors tread lightly ahead of US employment data

02.07.2021 - Korneychuk Evgeniya
Gold up, investors tread lightly ahead of US employment data

Gold saw a rise in Asia on Friday morning, but investors were still avoiding high stake gambles as they await the release of critical US employment data that could affect the US Federal Reserve’s recent hawkish stance on monetary policy.

Gold futures went up 0.18% to $1,780 by 9:50 PM ET (1:50 AM GMT), after sinking drooping 0.2% so far in the past week. The dollar, normally moving inversely to gold, climbed up on Friday towards three-month highs.

The US jobs report for June will be released Friday. Meanwhile, investors continue to weigh on data released on Thursday which revealed that the Institute of Supply Management (ISM) manufacturing PMI was slightly lower than the expected 60.6 in June. The data also showed a lower-than-forecast 364,000 initial jobless claims were filed throughout the past week as US layoffs plunged to a 21-year low in June.

A number of investors are now betting that US government bond yields will stay down or continue declining in the second half of 2021.

In related news, silver barely moved at $26 per ounce while platinum remained steady at $1,082.58, both metals down for the week.  Palladium shrunk 0.1% but was set for its second consecutive weekly gain.

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