Gold prices continue to rise thanks to new US jobs data
Last Updated on July 5, 2021
Gold Price Outlook – 5th July 2021
Gold prices rose during the trading session today on IQ Option platform, to maintain their gains for the third consecutive session.
As the attractiveness of the metal was enhanced by concerns surrounding the spread of the new “delta” strain of the Coronavirus, and prices received more support recently due to the decline in US Treasury bond yields.
Gold prices continue rising
At exactly 09:50 GMT, the spot price of gold was up by 0.4%, to trade around the level of 1784.27 US dollars per ounce, from the opening level of today’s session at 1777.19 dollars, and it reached the lowest price at 1774.31 dollars per ounce.
Gold rose in US futures contracts by 0.2%, recording the level of 1778 dollars an ounce.
At the conclusion of yesterday’s trading, the precious metal “gold” managed to achieve a rise of 0.4%, in the second consecutive daily gain, this rise came thanks to the continued recovery from the lowest level in two months at $1750.58 an ounce.
Other than that, and what provided more support for prices recently, the increasing demand of investors to buy gold as the best safe investment, especially in light of the widespread of the new highly contagious “delta” strain of the Coronavirus, which caused countries in Europe and Asia to retreat from plans to reopen and re-impose new restrictions. To move around the world, while the White House said that it would send special teams to hot spots across the country to combat infection.
The US 10-year Treasury yield fell
The US 10-year Treasury yield fell on Friday by more than 0.7%, extending its losses for the fifth consecutive session, and as we know that the lower yield reduces the opportunity cost of holding the non-yielding precious metal.
These developments in the US bond market come ahead of the release of many important economic data in the United States on the labor market during the month of June, especially the new jobs data in the non-agricultural sector, which may provide more evidence about when the Federal Reserve will begin to reduce its program To buy bonds as an essential step that comes before going ahead with raising interest rates.
Expected economic data
All eyes of market participants are currently turning to the non-farm payrolls data in the United States due to being released later on Friday for a referendum on more indicators on the extent of the labor market recovery in the world’s largest economies, and monetary policy decisions in the near term by the Federal Reserve.
As it is scheduled at 12:30 GMT to release those data, and expectations indicate that the US economy will add about 725,000 new jobs during the previous month of June, compared to the addition of 539 thousand jobs last May, with the unemployment rate dropping to the level of 5.6% Compared to 5.8%, it also releases average hourly earnings per capita and is expected to rise by 0.3% from a rise of 0.5% the previous month.
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