Wednesday, October 20, 2021

Gold Holds Advance After U.S. Jobs Data, Yellen’s Comments

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imageCommodities2 hours ago (Jun 06, 2021 09:36PM ET)

(C) Reuters. Gold Holds Advance After U.S. Jobs Data, Yellen’s Comments

(Bloomberg) — Gold held a gain after U.S. jobs data missed expectations, easing concern that a strong economic rebound would stoke inflation and see a potential dial back in stimulus.

Bullion rose 1.1% Friday as a Labor Department report showed job growth picked up in May, though the 559,000 payrolls gain fell short of economists’ expectations. The jobless rate dropped to 5.8%, while the labor participation rate was little changed.

Investors were also assessing comments by Treasury Secretary Janet Yellen who said Sunday that President Joe Biden should push forward with his $4 trillion spending plans even if they trigger inflation that persists into next year, adding a “slightly higher” interest rate environment would be a “plus.”

Gold is holding close to $1,900 an ounce amid a debate around price pressures, and speculation over whether the Federal Reserve will start talks on the idea of tapering its massive bond-buying program. Policy makers should be “deliberately patient” and wait to see more evidence that the U.S. labor market has made more progress before they consider cutting down their asset-purchases, Cleveland Fed President Loretta Mester said Friday.

Spot gold was little changed at $1,891.06 an ounce at 8:48 a.m. in Singapore. Prices climbed to $1,916.64 last week, the highest intraday level since Jan. 8. Silver was steady, while platinum rose and palladium fell. The Bloomberg Dollar Spot Index was flat after dropping 0.5% on Friday.

(C)2021 Bloomberg L.P.

Gold Holds Advance After U.S. Jobs Data, Yellen’s Comments

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