Gold prices rise marginally ahead of US jobs data

04/08/2021 Argaam

Gold prices rose on Wednesday as investors awaited economic data from the US labor market.

 

Spot gold rose 0.2% to reach $1,814.35 per ounce, while gold futures contracts for December delivery gained 0.1%, or $2.6, to reach $1,816.7 per ounce, by 09:49 am Makkah time.

 

Elsewhere, silver futures for September delivery rose 0.6% to reach $25.75 per ounce, platinum settled at $1,051.89 per ounce, and palladium rose 0.15% to reach 2,653.53 per ounce.

 

Later today, Aug. 4, the ADP data for US private sector jobs will be released, ahead of Friday's expected non-farm payrolls report.

 

Michelle Bowman, a member of the US Federal Reserve, said that the labor market will take time to recover from the effects of the epidemic, and more work is needed to get it back on track, Reuters reported.

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