RPT-PRECIOUS-Gold dips on firmer dollar as market eye U.S. jobs data

  • 7/1/2021
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(Repeats to add named item code, with no changes to text) July 1 (Reuters) - Gold prices edged lower on Thursday, as the dollar hovered near a three-month peak, with investors looking ahead to a key U.S. jobs report due later this week for clues on what it might mean for monetary policy. FUNDAMENTALS * Spot gold eased 0.1% to $1,769.11 per ounce, as of 0117 GMT. U.S. gold futures fell 0.2% to $1,768.10. * The dollar held firm near a three-month high scaled in the previous session. A stronger dollar makes greenback-priced metals more expensive for holders of other currencies. * U.S. private payrolls increased more than expected in June as companies rushed to boost production and services amid a rapidly reopening economy. * Federal Reserve Bank of Dallas President Robert Kaplan said Wednesday he would like the Fed to start reducing its support for the economy before the end of the year, in part to make an abrupt policy tightening less likely later on. * A Fed rate hike will increase the opportunity cost of holding bullion and dull its appeal. * Investors are now awaiting the U.S. non-farm payrolls report on Friday. * India has slashed the base import price of palm oil, soyoil, gold and silver, the government said in a statement late on Wednesday, as prices fell in the overseas market. * Silver rose 0.1% to $26.14 per ounce, palladium fell 0.5% at $2,764.68 and platinum shed 0.6% at $1,065.74. DATA/EVENTS (GMT) 0750 France Markit Mfg PMI June 0755 Germany Markit/BME Mfg PMI June 0800 EU Markit Mfg Final PMI June 0830 UK Markit/CIPS Mfg PMI Final June 0900 EU Unemployment Rate May 1230 US Initial Jobless Clm Weekly 1345 US Markit Mfg PMI Final June 1400 US ISM Manufacturing PMI June (Reporting by Arundhati Sarkar in Bengaluru; Editing by Amy Caren Daniel) Our Standards: The Thomson Reuters Trust Principles.

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