Gold prices inched up on Friday, on concerns over the spread of delta variant of the novel coronavirus, while investors awaited U.S. non-farm payrolls data that could influence the timeline of the Federal Reserve’s monetary policy shift.
Spot gold rose 0.1% to $1,778.26 U.S. per ounce, early Friday. It has fallen 0.1% so far this week. U.S. gold futures added 0.1% to $1,778.50.
The highly contagious delta variant has made countries in Asia and Europe walk back on reopening plans, while the White House said it would send out special teams to hot spots around the country to combat the contagion.
Investors’ focus is on U.S. non-farm payrolls data due at 8:30 EDT which is likely to show an increase of 690,000 jobs last month, as per a Reuters poll.
Experts say a print of one million or more in the non-farm payrolls report can expedite Fed’s policy tapering and rate-hike plans.
U.S. private payrolls and jobless claims data this week has shown the labour market is gathering speed as the economy fully reopens.
Silver rose 0.2% to $26.05 U.S. per ounce, while platinum gained 0.3% to $1,085.64 U.S.
Palladium was steady at $2,762.75 U.S., and was set for a second straight weekly gain.
