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Gold rose on Friday, boosted by fears surrounding the spread of the delta strain of the coronavirus, as investors waited for data on non-farm wages in the United States, as it could influence the timing of the policy change of the Federal Reserve.
And gold rose 0.1% in spot trades to $ 1,778.52 an ounce (one ounce) at 5:35 am GMT. Gold has lost 0.1% since the start of the week. US gold futures rose 0.1% to $ 1,778.
“The spread of a smooth delta supports gold because it may delay the recovery of the economy … (But) the medium-term outlook remains biased downwards … because we are surrounded by the onset of ‘a cycle of downsizing,’ said Margaret Yang, strategist at DailyFix.
The most contagious delta strain of the Corona virus has prompted countries in Asia and Europe to abandon plans to reopen, while the White House has said it will send special teams to hot spots across the country to fight against infection.
The focus is now on data on non-farm wages in the United States due at 12:30 GMT, which is expected to show an increase of 690,000 jobs last month, according to a Reuters poll.
Yang said an increase of $ 1 million or more in the report could speed up the reduction in stimulus measures and the US central bank’s plans to raise interest rates.
Data on the number of U.S. private sector workers and jobless claims released this week showed the labor market is accelerating with the economy fully reopening.
The dollar stabilizes near a three-month high, raising the cost of gold for holders of other currencies.
As for other precious metals, silver rose 0.2% to $ 26.07 an ounce, while platinum gained 0.6% to $ 1,088.73.
Palladium fell 0.1% to $ 2,762.16 and is heading for the second consecutive weekly decline.
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