Gold Rises on Delta Variant Fears Ahead of US Jobs Data

Gold prices rose today, Thursday, July 1, as concerns about the most contagious delta strain of the Coronavirus boosted the yellow metal’s appeal as a safe haven, ahead of US jobs data, which is an important factor in the US Federal Council’s policy outlook.

Spot gold rose 0.4% to more than $1,776 an ounce during the session, and US gold futures rose 0.4% to more than $1,776.

Investors are now awaiting the US non-farm payrolls report, due to be released on Friday, for indications of the US Federal Reserve’s next move.

The Fed’s raising of interest rates increases the opportunity cost of holding the yellow metal, reducing its attractiveness.