Gold up, but avoids big moves ahead of US jobs data By Investing.com

© Reuters.

By Gina Lee

Investing.com – Gold was up Friday morning in Asia, but investors avoided big bets ahead of the release of critical U.S. employment data that could influence the recent hawkish stance of the U.S. Federal Reserve on monetary policy.

edged up 0.18% to $ 1,780 at 9:50 pm ET (1:50 GMT), after falling 0.2% so far last week. The, which normally trades the reverse of gold, edged up on Friday to three-month highs.

Philadelphia Fed Chairman Patrick Harker suggested that reducing asset purchases by $ 10 billion per month might be reasonable and added that he was in favor of starting the process in 2021, according to a report.

The US employment report for June, inclusive, will be released later today. Investors also continued to digest data released on Thursday that it was slightly lower than forecast of 60.6 in June and below forecast of 364,000 was filed during the week. last. Layoffs in the United States also fell to their lowest level in 21 years in June.

On the stimulus front, the Democrat-controlled United States on Thursday approved a $ 715 billion surface transportation and water infrastructure bill. The approval is a first step towards approving the bill, which Congress aims to complete by September 2021.

Some investors are now betting that U.S. government bond yields will remain subdued or continue to weaken in the second half of 2021.

Meanwhile, the Bolivian government is seeking to stabilize a drop in its economy in 2020 unprecedented for more than half a century through spending, COVID-19 vaccines and the yellow metal.

In other precious metals, silver was little changed at $ 26 an ounce while platinum was flat at $ 1,082.58, and both were down for the week. Palladium edged down 0.1% but was forecast for a second consecutive weekly gain.

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