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Gold Rises on Weak Dollar Ahead of US Jobs Data

Adel 4 August, 2021 11:32 am Commodities, Market Update

Gold prices rose on Wednesday, August 4th, supported by the weak dollar, but the rise in precious metal prices remained in a narrow range, as investors awaited indications from the US jobs data regarding the recovery of the labor market.

Spot gold rose 0.2% to $1,813.31 an ounce, while US gold futures rose 0.1% to $1,816.

Dovish comments from US Federal Reserve Chairman Jerome Powell, ruling out an interest rate hike, pushed gold up more than 1% while the dollar fell to its lowest level in a month.

Low-interest rates reduce the opportunity cost of holding the non-yielding yellow metal.

Regarding other precious metals, silver prices rose 0.4% to $ 25.64 an ounce, and platinum and palladium rose 0.2% to 1051.17 and $ 2652.99 an ounce, respectively.

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