Photographer: Chris Ratcliffe / Bloomberg
Photographer: Chris Ratcliffe / Bloomberg
Gold stabilized as investors weighed in for signs of an economic rebound amid better-than-expected US employment data over the implications of President Joe Biden’s spending plans.
U.S. employers created the most jobs in seven months with improvement in most industries in March as more vaccinations and fewer trade restrictions accelerated the labor market’s recovery. Non-farm payrolls rose 916,000 last month and employment in February was revised to a gain of 468,000, according to a Labor Department report on Friday.
Meanwhile, traders are also monitoring the progress of the debate over Biden’s $ 2.25 trillion infrastructure proposal, as Republicans have expressed cautious support for a more limited plan. Trading is expected to be muted on Monday, with markets such as Australia, China and Hong Kong closed for the holidays.
Bullion posted its first quarterly decline since 2018 amid rising bond yields and optimism about a recovery from the pandemic. Investor sentiment around the precious metal faded – holdings in bullion-backed exchange-traded funds fell to their lowest since May, as hedge fund managers cut net bullish bets on gold at a low for three weeks.
“Friday’s US jobs report shows once again why gold should face a boom – the global economy is recovering quickly and demand for gold could stall,” said Howie Lee, Economist at Oversea-Chinese Banking Corp. Expect the selling pressure on gold to persist for now. “
Spot gold fell 0.2% to $ 1,725.39 an ounce at 10:59 a.m. in Singapore. Silver and palladium fell, while platinum advanced. The Bloomberg Spot Dollar Index was little changed.
Before he’s here, it’s on the Bloomberg terminal.
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