Gold Rises on Virus Fears And Eyes Are on US Data

Gold rose Friday, July 2nd, boosted by concerns surrounding the spread of the delta strain of the coronavirus, while investors awaited US non-farm payrolls data as it could influence the timing of the Fed’s policy shift.

And gold rose in spot transactions 0.1% to $ 1778.52 an ounce. Gold is down 0.1% since the start of the week. US gold futures added 0.1% to $1,778.

The most contagious delta strain of the Coronavirus caused countries in Asia and Europe to back off plans to reopen, while the White House said it would send special teams to hot spots across the country to combat infection.

The focus is now on the US non-farm payrolls data due by 12:30 GMT, which is likely to show an increase of 690,000 jobs last month according to a Reuters poll.

Data on the number of US private sector workers and jobless claims released this week showed that the labor market is gaining speed as the economy fully reopens.

The dollar is stabilizing near a three-month high, which raises the cost of gold to holders of other currencies.

As for other precious metals, silver rose 0.2% to $26.07 per ounce, while platinum gained 0.6% to $1,088.73. Palladium fell 0.1% to $ 2762.16 and is heading for the second consecutive weekly decline.