Gold Gets a Boost as Investors Await NFP
Gold was up on Thursday morning in Asia as investors wait with breath that is baited for the US non-farm payrolls on Friday. The benchmark 10-year US Treasury yield edged higher too, further giving the precious metal a boost.
On what to expect from the NFP, the ADP Nonfarm Employment Change has reached 742,000 in April, which, although lower than expected, is the largest growth in the last 7 months. Firms have boosted their production as demand began to grow and the economy has further recovered from the COVID-19 pandemic effect due to accelerating vaccination rates and government stimulus.
US Federal Reserve Governor - Michelle Bowman said that the country’s economy could be recording faster-than-expected growth and unemployment is falling faster than predicted, but Chicago Federal Reserve Bank President - Charles Evans remained concerned that the economy might not reach the Fed’s 2% inflation goal and expected the Fed to stick to its dovish monetary policy for a while.
All in all, gold futures were seen up 0.27% to $1,789.15 by 5:09 AM GMT, while the USD (which usually moves in the opposite direction of gold) has inched up.
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