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Commodities

1 Sept 2021

Gold Down; Investors Waiting for Latest U.S. Jobs Report

The Index Today

Gold was seen down on Wednesday morning in Asian Market. Investors are waiting for the latest U.S. jobs report that could provide clues on when the Federal Reserve could begin the asset tapering and hikes on interest rates during the COVID-19 pandemic era.

Gold futures inched down 0.06% to $1,817.05 by 12:31 AM ET (4:30 AM GMT). The USD, which usually moves inversely to gold, inched up on Wednesday after a more than three-week low the day before.

Officials from the European Central Bank (ECB) are also deciding whether to begin asset tapering, with Tuesday’s Eurozone Consumer Price Index (CPI) rise higher than expected at 3% last month.

Holdings in SPDR Gold Trust (P: GLD) fell at 0.2% to 1,000.26 tons yesterday, which marks the lowest level since April 2020.

In other precious metals, silver was seen flat at $23.88 per ounce, while platinum was seen rising at 0.3%, and palladium seen a gain of 0.5%.

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