Gold Down, But Near Almost Three-Month High as U.S. Jobs Data Disappoints By

© Reuters.

By Gina Lee – Gold was down on Monday morning in Asia, but remained below a two-and-a-half-month high. A disappointing U.S. jobs report indicated that the U.S. Federal Reserve could delay its asset tapering timeline, giving the yellow metal a boost.

were down 0.30% to $1,828.25 by 12:15 AM ET (4:15 AM GMT), after hitting $1,833.80, its highest level since Jun. 16, during the previous session.

Investors continue to digest Friday’s latest U.S. jobs report, which showed were at 235,000 in August. With the smallest gains in seven months and the Fed making labor market recovery a condition to begin asset tapering, investors now expect a delay in the central bank starting the process.

Meanwhile, the was 5.2%.

The report also pushed the , which normally moves inversely to gold, to its lowest level since Aug. 4. The .

Meanwhile, the and the will hand down their respective policy decisions on Tuesday and Thursday.

On the demand side, physical gold demand in Asian hubs was by and large muted during the previous week as prices rebounded. However, hopes are rising that an upcoming festival season in India could increase demand.

U.S. Commodity Futures Trading Commission data showed that speculators raised their net long positions in COMEX gold and silver in the week ended Aug. 31.

In other precious metals, silver was steady at $24.69 per ounce. Prices rose 3.4%, the biggest one-day percentage since early May, during the previous session. Platinum fell 0.6% while palladium edged up 0.2%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Share Market Today