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Gold rose on Wednesday, supported by a weak dollar, but the precious metal remained in a narrow range as investors waited for indications from US employment data on the labor market recovery.
And gold rose 0.2% in spot trades to $ 1,813.31 per ounce (one ounce) at 5:19 GMT, while US gold futures rose 0.1%. at $ 1,816.
It looks like gold is on hold, said Jeffrey Haley, senior market analyst at OANDA for the Asia-Pacific region.
“Gold price action remains consistent but structurally positive and I think that bodes well for further gains to come. The 100 and 200 day moving averages indicate a break out ahead and I think the expected US data Friday will be a catalyst. “
ABD’s national employment report, which specializes in processing employment data, due later today, could set the stage for the much-awaited data on non-farm wages in the United States, which is expected. be published on Friday.
Federal Reserve Board member Michelle Bowman said on Tuesday that the labor market will take time to recover from the effects of the pandemic and that more can be done to get the economy fully back on track. Mary Daly, president of the Federal Reserve Bank of San Francisco, expressed similar views.
The dollar is stuck near recent lows against other currencies.
Dovish comments from Federal Reserve Chairman Jerome Powell, who said interest rate hikes were “a long way” from pushing gold up more than 1% as the dollar fell to its lowest level in a month.
Low interest rates reduce the opportunity cost of holding the unproductive yellow metal.
For other precious metals, silver gained 0.4% to $ 25.64 an ounce, and platinum and palladium rose 0.2% to $ 1,051.17 and $ 2,652.99, respectively.
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