PRECIOUS-Gold holds tight range as focus turns to U.S. jobs data

  • 7/2/2021
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July 2 (Reuters) - Gold prices held in a tight range on Friday as investors stayed away from making big bets ahead of the U.S. nonfarm payrolls data that could sway Federal Reserve’s monetary policy stance. FUNDAMENTALS * Spot gold was steady at $1,777.17 per ounce, as of 1251 GMT. It has fallen 0.2% so far this week. U.S. gold futures rose 0.1% to $1,778.70. * The dollar held near three-month highs, making gold expensive for holders of other currencies. * U.S. non-farm payrolls data due at 12:30 GMT is likely to show an increase of 690,000 jobs last month, compared with 559,000 in May, according to a Reuters poll. * Data on Thursday showed the number of Americans filing new claims for unemployment benefits fell more than expected last week, while layoffs plunged to a 21-year low in June. * The Democratic-controlled U.S. House of Representatives approved a $715 billion surface transportation and water infrastructure bill in what Democrats see as an early step toward sweeping infrastructure legislation that Congress hopes to complete in September. * Some investors are betting that U.S. government bond yields will stay subdued or continue weakening in the second half of the year. * Bolivia’s government is looking to stabilise the country’s economy, which plunged the most in over half a century last year, with a mix of fiscal spending, vaccines and gold. * SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.3% to 1,043.16 tonnes on Thursday. * Silver was little changed at $26.00 per ounce, while platinum was steady at $1,082.58. Both were down for the week. * Palladium eased 0.1% to $2,761.69 but was set for a second straight weekly gain. DATA/EVENTS (GMT) 1230 US Non-Farm Payrolls June 1230 US Unemployment Rate June 1230 US International Trade May 1400 US Factory Orders May (Reporting by Sumita Layek in Bengaluru; Editing by Subhranshu Sahu) Our Standards: The Thomson Reuters Trust Principles.

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