PRECIOUS-Gold firms as U.S. jobs data miss cements low rates view

  • 5/10/2021
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AN HOUR AGO Boyfriend kills 6 people and himself at Colorado birthday p… AN HOUR AGO Asian shares jump on hopes for low rates, oil up on cyber a… 2 HOURS AGO Israel plays for time on flashpoint Jerusalem evictions 3 HOURS AGO U.S. House Republicans expected to oust Trump critic Cheney… 3 HOURS AGO Horse racing-Kentucky Derby winner Medina Spirit fails drug… 3 HOURS AGO Dutch govt grants $2.4 billion in subsidies to huge carbon … 5 HOURS AGO Knowns and unknowns about the hack at Colonial Pipeline 5 HOURS AGO Discover Thomson Reuters Directory of sites Login Contact Support World Business Markets Breakingviews Video More International GOLD MARKET REPORT MAY 10, 20215:46 AMUPDATED 31 MINUTES AGO PRECIOUS-Gold firms as U.S. jobs data miss cements low rates view By Shreyansi Singh 3 MIN READ * U.S. jobs growth slows sharply in April * Dollar hovers close to over 2-month low * SPDR Gold Trust holdings up 0.6% on Fri (Adds comments, updates prices) May 10 (Reuters) - Gold prices inched higher on Monday to trade near a three-month peak hit last week after weaker-than-expected U.S. jobs data supported hopes that interest rates will remain low for some time, bolstering the metal’s appeal. Spot gold was up 0.1% at $1,832.26 per ounce by 0315 GMT, after hitting its highest since Feb. 11 at $1,842.91 in the previous session. U.S. gold futures were up 0.1% at $1,832.60 per ounce. “The U.S. jobs report is pretty much the start and finish of the story for gold at the moment. It has really tightened expectations out of the market, at least at the margins of Federal Reserve rate hikes,” IG Market analyst Kyle Rodda said. With the momentum to the upside, $1,850 will be the next key level to watch for gold, he added. Data released on Friday showed U.S. job growth unexpectedly slowed in April, as businesses scrambled for workers and raw materials amid rapidly improving public health and massive government aid. The 266,000 jobs that U.S. firms added last month were “nowhere near” what was expected, a Federal Reserve official said. ADVERTISEMENT The U.S. central bank has pledged to keep interest rates near zero until inflation and employment pick up. Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making gold cheaper for investors holding other currencies. The dollar index languished near a more than two-month low against its rivals. Reflecting increased investor interest in gold, holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, rose 0.6% on Friday. Speculators increased their bullish positions in COMEX gold and silver contracts in the week to May 4. Palladium rose 0.5% to $2,941.50. Silver gained 0.8% to $27.64, while platinum was up 0.6% at $1,256.96. (Reporting by Shreyansi Singh in Bengaluru; Editing by Subhranshu Sahu) Our Standards: The Thomson Reuters Trust Principles. MORE FROM REUTERS ADVERTISEMENT TRENDING STORIES SpaceX accepts dogecoin as payment to launch lunar mission next year Musk boosts his brand, and NBCUniversal"s, on "Saturday Night Live" Asian shares jump on hopes for low rates, oil up on cyber attack Dollar licks wounds after payrolls shock, focus turns to inflation METALS-Copper hits record high on demand hope, tight supply

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