Gold price stability amid a cautious situation


(MENAFN- Al-Bayan) Date: October 07, 2021

Gold settled on Thursday, as investors awaited US jobs data, the improvement of which will allow the Federal Reserve to begin reducing stimulus, a move that one analyst expected could bring prices of the metal to $ 1,725.

There was little change in gold in spot transactions, which recorded $ 1763 an ounce (an ounce) by 0651 GMT, while US gold futures rose 0.1 percent to $ 1764.10 an ounce.

The US dollar settled near its highest level in a year, supported by inflation concerns and expectations that the Federal Reserve will take urgent action towards normalizing politics, which also prevented gold from rising.

A rising dollar makes gold less attractive to holders of other currencies.

“Central banks are in a precarious position, watching inflation as it continues to rise,” said Stephen Innes, managing partner at SBI Asset Management. Central banks switch to raising interest rates.

On Friday, US non-farm payrolls data is expected to show an improvement in the labor market, which is likely to prompt the central bank to start reducing support for the pandemic-related economy before the end of the year.

As for other precious metals, silver rose in spot trading 0.6 percent to $22.73 an ounce, platinum settled at $984.69, and palladium increased 0.9 percent to $1,906.18.

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