Gold Up Over Weaker Dollar, but Gains Small Ahead of U.S. Jobs Report By

© Reuters.

By Gina Lee – Gold was up on Friday morning in Asia, eking out small gains as the weakened. Investors now await the latest U.S. jobs report to gauge the Federal Reserve’s timeline on asset purchases and interest rate hikes.

inched up 0.08% to $1,812.95 by 1:13 AM ET (5:13 AM GMT) but was headed towards its first weekly decline in four. The dollar, which usually moves inversely to gold, inched up on Friday but remained near a one-month low.

The jobs report, including , is due later in the day. It will be a focal point for investors as labor market recovery is one of the Fed’s requirements before it begins asset tapering and interest rate hikes.

Ahead of the report’s release, data released on Thursday showed that Americans filed 340,000 during the past week. The number was lower than the 345,000 claims in forecasts prepared by and the 354,000 claims filed during the previous week.

The data also said that layoffs dropped to their lowest level in more than 24 years in August, suggesting that the labor market recovery was holding strong even as the number of COVID-19 cases continues on an upward trend both in the U.S. and globally.

In Asia Pacific, China’s for August was 46.7, .

Meanwhile, SPDR Gold Trust (P:) said its holdings fell 0.2% to 998.52 tons on Thursday, its lowest level since April 2020. Russia also said its international gold and foreign currency reserves rose to a record $615.6 billion after receiving a tranche from the International Monetary Fund.

In other precious metals, silver edged up 0.2%, platinum inched up 0.1% and palladium was up 0.3%.

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