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PRECIOUS-Gold hovers near 3-month peak as U.S. jobs data miss dents dollar

PRECIOUS-Gold hovers near 3-month peak as U.S. jobs data miss dents dollar

05/09/2021 21:51
PRECIOUS-Gold hovers near 3-month peak as U.S. jobs data miss dents dollar

- Gold prices on Monday hovered close to a near three-month high hit last week after weaker-than-expected U.S. jobs data cemented hopes that interest rates will stay low for some time, pressuring the dollar and boosting bullion's appeal.

FUNDAMENTALS

* Spot gold XAU= was up 0.1% at $1,831.72 per ounce by 0131 GMT, after hitting its highest since Feb. 11 at $1,842.91 in the previous session.

* U.S. gold futures GCv1 were up 0.2% at $1,834.00 per ounce.

* The dollar index .DXY languished near a more than two-month low versus major peers, making gold less expensive for other currency holders. USD/

* U.S. job growth unexpectedly slowed in April, likely curbed by shortages of workers and raw materials as rapidly improving public health and massive government aid fuelled an economic boom. nL1N2MT2XD

* The 266,000 jobs that U.S. firms added in April were "nowhere near" what was expected, a Federal Reserve official said on Friday, and added little to the "substantial further progress" officials want to see before considering changes to monetary policy. nL1N2MU1CQ

* Lower interest rates decrease the opportunity cost of holding non-yielding bullion

* Stocks rose on Monday, while oil prices jumped after a cyber attack on a U.S. pipeline operator unnerved markets. MKTS/GLOB

* Physical gold demand in India dived last week as shops shuttered and people turned cautious due to surging coronavirus infections across the world's second-largest bullion consumer. GOL/AS

* Speculators increased their bullish positions in COMEX gold and silver contracts in the week to May 4, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. CFTC/

* Palladium XPD= rose 0.3% to $2,934.58 per ounce.

* Silver XAG= gained 0.8% to $27.65 per ounce, while platinum XPT= was up 0.6% at $1,256.47.

DATA/EVENTS (GMT)

0730 UK Halifax House Prices MM April


(Reporting by Shreyansi Singh in Bengaluru; Editing by Subhranshu Sahu)

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