PRECIOUS-Gold hovers near 3-month peak as U.S. jobs data miss dents dollar

  • 5/10/2021
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May 10 (Reuters) - Gold prices on Monday hovered close to a near three-month high hit last week after weaker-than-expected U.S. jobs data cemented hopes that interest rates will stay low for some time, pressuring the dollar and boosting bullion"s appeal. FUNDAMENTALS * Spot gold was up 0.1% at $1,831.72 per ounce by 0131 GMT, after hitting its highest since Feb. 11 at $1,842.91 in the previous session. * U.S. gold futures were up 0.2% at $1,834.00 per ounce. * The dollar index languished near a more than two-month low versus major peers, making gold less expensive for other currency holders. * U.S. job growth unexpectedly slowed in April, likely curbed by shortages of workers and raw materials as rapidly improving public health and massive government aid fuelled an economic boom. * The 266,000 jobs that U.S. firms added in April were "nowhere near" what was expected, a Federal Reserve official said on Friday, and added little to the "substantial further progress" officials want to see before considering changes to monetary policy. * Lower interest rates decrease the opportunity cost of holding non-yielding bullion * Stocks rose on Monday, while oil prices jumped after a cyber attack on a U.S. pipeline operator unnerved markets. * Physical gold demand in India dived last week as shops shuttered and people turned cautious due to surging coronavirus infections across the world"s second-largest bullion consumer. * Speculators increased their bullish positions in COMEX gold and silver contracts in the week to May 4, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. * Palladium rose 0.3% to $2,934.58 per ounce. * Silver gained 0.8% to $27.65 per ounce, while platinum was up 0.6% at $1,256.47. DATA/EVENTS (GMT) 0730 UK Halifax House Prices MM April (Reporting by Shreyansi Singh in Bengaluru; Editing by

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