Gold steadied amid better-than-anticipated U.S. jobs data
The yellow metal steadied as investors weighed signs of an economic recovery. Moreover, gold steadied amid better-than-anticipated U.S. jobs data and the implications of President Joe Biden’s spending plans.
Furthermore, data published on Friday revealed U.S. created highest number of jobs past month in seven months. Remarkably, more vaccinations and fewer business restrictions helped the labor market to rebound. According to a Labor Department report Friday, nonfarm payrolls rose by 916,000 last month. Meanwhile, February employment was revised up to a 468,000 gain.
Moreover, traders are also observing the progress of debate over Biden’s $2.25 trillion infrastructure proposal, as Republicans expressed guarded support for a more limited plan. Trading is expected to be muted on Monday as markets (Australia, China, and Hong Kong) are closed for holidays.
Gold experiences its first quarterly decline since 2018 on increasing bond yields and optimism over recovery from the pandemic. Moreover, investor sentiment around the precious metal has dimmed. Holdings in bullion-backed exchange-traded funds have sunk to the lowest since May. Meanwhile, hedge fund managers cut net bullish gold bets to a three-week low.
June gold futures declined 0.14% to Rs 45,355 per 10 gram
On Multi Commodity Exchange, June gold futures declined 0.14% to Rs 45,355 per 10 gram. Meanwhile, silver futures dipped to Rs 65,070 per kg. In India, gold prices have been on a downward trend since reaching Rs 56,200 in August. For the first three months of the year, the metal’s price dropped approximately Rs 5,000 per 10 gram.
Another essential thing to mention is that according to Geojit, recovery upticks are likely as long as gold holds $1680 on the downside. On Multi Commodity Exchange, gold has support at Rs 44,100 and resistance at Rs 46,150.
Spot gold was slightly changed at $1,727.65 an ounce at 8:57 a.m. in Singapore. Moreover, silver and palladium were steady, while platinum boosted. The Bloomberg Spot Dollar Index gained0.1%.
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