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Gold steadies below $1,300/oz ahead of U.S. payrolls data


Friday, 1 June 2018 19:10 WIB

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Gold steadied below $1,300 an ounce on Friday ahead of U.S. payrolls data due later that will be closely watched for clues on the outlook for U.S. interest rate policy.

The U.S. non-farm payrolls report for May is expected to show the world's largest economy added 188,000 jobs last month, keeping the Federal Reserve on track to raise interest rates this month.   

Gold is highly sensitive to rising rates, which increase the opportunity cost of holding non-yielding bullion, while boosting the dollar, in which it is priced.

Spot gold stood at $1,297.14 an ounce at 11:20 GMT, little changed from late on Thursday, while U.S. gold futures for August delivery were down 0.2 percent at $1,301.90 an ounce.

Gold took little direction from currency markets on Friday, as a coalition deal put an apparent end to a political crisis in Italy, allowing the euro to stabilise against the dollar.

Source: Reuters


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