Gold climbs nearly 1% as weaker-than-expected US jobs data boosts demand for safe-haven assets

Gold prices rose during Monday's trading, extending last week's gains after the yellow metal snapped a four-week losing streak. This came after weaker-than-expected US employment data eased concerns over persistent inflation and higher interest rates.

 

Meanwhile, the US Dollar Index (DXY), which measures the greenback against a basket of six major currencies, rose 0.15% to 100.99.

 

Tim Waterer, chief market analyst at KCM Trade, said gold continues to face downward pressure from the resilience of the US dollar. He added that markets are closely watching the release of the June Federal Open Market Committee (FOMC) meeting minutes later this week for further clues on the outlook for monetary policy, Reuters reported.

 

Precious Metals Prices (Futures and Spot Markets)

Metal

Price (USD/oz)

Change (USD)

Change (%)

Gold (August Futures)

4,164.60

+38.90

+0.95%

Gold (Spot)

4,159.52

(17.42)

(0.40%)

Silver (September Futures)

62.28

+1.22

+2.00%

Silver (Spot)

61.90

 (0.52)

(0.85%)

Platinum (Spot)

1,637.97

(5.04)

(0.30%)

Palladium (Spot)

1,272.34

(1.47)

(0.10%)

Prices as of 08:26 a.m. Makkah time.

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Commodity Price

 
Gold
4,050.68
(79.84) (1.94%)
Silver
57.50
(2.08) (3.49%)
PLATINUM
1,601.10
(49.90) (3.04%)

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