Gold fell in Asia on Friday morning, hitting a two-week low and recording its worst week in three months. Positive U.S. Employment data boosted dollar and bond yields, and investors were concerned about the reversal of stimulus measures.
Gold futures are down 0.07% at $ 1,871.90 below $ 1,900. The dollar, which normally moves against gold, rose until Friday, hitting a 10-year U.S. low. Treasury yields rose to 1.63%.
The U.S. It recorded 385,000 initial unemployment claims last week, down from 390,000 claims made in Investing.com’s estimates and 405,000 claims filed the previous week. The number of claims dropped to 400,000 for the fifth week in a row, which has not been seen since the onset of the COVID-19 epidemic.
Meanwhile, the U.S. Private employers increased hiring in May, with ATP non-farm employment change rising to 978,000. The declining number of COVID-19 cases allowed businesses to reopen and increased demand.
Investors are now waiting for additional employment data, including non-farm pay data for May. Data Economic Outlook and U.S. The Federal Reserve may provide additional clues as to its next policy action.
Investors were concerned about the slowdown in the central bank’s stimulus measures, which were triggered by futures inflation. However, some central officials reiterated that price pressure would be temporary and that the central bank would keep its current stimulus measures unchanged for some time.
New York Federal Reserve Chairman John Williams on Thursday announced the departure of Govt. He said the economic recovery was not enough to start re-measuring support for federal businesses, but it made sense to start talking about typing stimulus measures. It withdraws the purchase of Philadelphia-fed President Patrick Harker’s comments “slowly and carefully” the day before at the appropriate time.
Among other precious metals, silver and palladium fell 0.2% and platinum 0.4%.