Gold rose in Asia on Monday morning, against the dollar. The latest U.S. employment report also calmed investors’ fears of an earlier-than-expected rise in interest rates.
Gold futures rose 0.24% to $1,787.55. The dollar, which normally moves against gold, was on the downside on Monday.
On the demand side, central banks, including Serbia, Thailand, and Ghana, are increasing their gold reserves on signs of accelerating inflation. “In the long run, gold is the most important protector and guarantee against inflation and other types of financial risks,” the National Bank of Serbia told Bloomberg.
Released on Friday, U.S. According to the employment report, unarmed wages increased by 850,000 in June, thanks to rising wages and higher incentives. This is more than 700,000 of the forecasts made by Market Tracker.
Gold in India was sold at a premium the previous week, which was done for the first time in more than two months. Demand increased after the second-largest gold consumer relaxed its COVID-19 restrictions slightly.
Among other precious metals, silver fell 0.2% and platinum 0.3%, while palladium rose 0.3%.