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PRECIOUS-Gold firms as U.S. jobs data miss cements low rates view

CommoditiesMay 10, 2021 09:48
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© Reuters

* U.S. jobs growth slows sharply in April
* Dollar hovers close to over 2-month low
* SPDR Gold Trust holdings up 0.6% on Friday
* Spot gold may test resistance at $1,847/oz - technicals

(Updates prices)
By Shreyansi Singh
May 10 (Reuters) - Gold prices inched higher on Monday to
trade near a three-month peak hit last week after
weaker-than-expected U.S. jobs data supported hopes that
interest rates will remain low for some time, bolstering the
metal's appeal.
Spot gold XAU= was up 0.2% at $1,834.30 per ounce by 0726
GMT, after hitting its highest since Feb. 11 at $1,842.91 in the
previous session.
U.S. gold futures GCv1 were up 0.2% at $1,834.30 per
ounce.
"The U.S. jobs report is pretty much the start and finish of
the story for gold at the moment. It has really tightened
expectations out of the market, at least at the margins of
Federal Reserve rate hikes," IG Market analyst Kyle Rodda said.
With the momentum to the upside, $1,850 will be the next key
level to watch for gold, he added.
Data released on Friday showed U.S. job growth unexpectedly
slowed in April, as businesses scrambled for workers and raw
materials amid rapidly improving public health and massive
government aid. The 266,000 jobs that U.S. firms added last month were
"nowhere near" expectations, a Federal Reserve official said.
The U.S. central bank has pledged to keep interest rates low
until inflation and employment pick up.
Lower interest rates decrease the opportunity cost of
holding non-yielding bullion and weigh on the dollar.
The dollar index .DXY languished near a more than
two-month low. USD/
Spot gold may test a resistance at $1,847 per ounce, a break
above which could lead to a gain to $1,876, according to Reuters
technical analyst Wang Tao. TECH/C
Indicative of sentiment, holdings of the world's largest
gold-backed exchange-traded fund, SPDR Gold Trust GLD , rose
0.6% on Friday. GOL/ETF
Speculators raised bullish bets in COMEX gold and silver
contracts in the week to May 4. CFTC/
Palladium XPD= rose 0.5% to $2,941.92. Silver XAG=
gained 0.7% to $27.63, while platinum XPT= was up 0.7% at
$1,258.16.

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PRECIOUS-Gold firms as U.S. jobs data miss cements low rates view
 

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