Gold rose in Asia on Monday morning, nearing a three-month high. The disappointing U.S. report was released on Friday. Investors are now betting that interest rates will be lower for a while due to the monthly work report.
Gold futures were up 0.06% at 8,832.35
The U.S. It released its April employment report on Friday, which saw non-farm pay rise by 266,000 for the month, well below the 978,000 rises in estimates made by Investing.com. Even as the COVID-19 situation and government stimulus measures boost the country’s economic recovery from COVID-19, the shortage of workers and raw materials is a disappointing number.
Richmond Federal Reserve Chairman Thomas Parkin said Friday that the figure was “nowhere” higher than expected, adding that the central bank would maintain its poor monetary policy before any “significant improvement”.
“This puts less pressure on the Fed to talk about tapping in advance. They have to be patient and want to put it off,” said Larry Adam, chief investment officer at Raymond James in Baltimore, Maryland.
Chicago Central Bank Chairman Charles Evans and U.S. Several U.S. officials, including Federal Gov. Lyle Brainard. Federal Reserve officials will deliver speeches throughout the week.
The U.S., including the Core Consumer Price Index. Investors are now waiting for inflation data, which is due later in the week. China will also release inflation data on Tuesday.
Andrew Bailey, Governor of the Bank of England, UK, will speak on Wednesday
In Asia, physical gold demand in India, the world’s second-largest gold consumer, fell to 403,736 on Sunday due to the continuing rising COVID-19 cases.
Among other precious metals, palladium rose 0.3%, silver 0.8% and platinum 0.6%.
