PRECIOUS-Gold steadies in tight range as virus fears offset solid U.S. jobs data

PRECIOUS-Gold steadies in tight range as virus fears offset solid U.S. jobs data

Reuters  | Jul 03, 2020 15:00

PRECIOUS-Gold steadies in tight range as virus fears offset solid U.S. jobs data

* Better-than-expected U.S. jobs data lifts stocks
* SPDR Gold Trust holdings rise 0.8% on Thursday
* Platinum eyes first weekly rise in six
* Silver on track for fourth straight weekly gain
* Interactive graphic tracking global spread of coronavirus:
open in an external browser.

(Updates prices)
By Brijesh Patel
July 3 (Reuters) - Gold was flat, trading in a narrow
$5-range on Friday, as worries over a global surge in
coronavirus infections and lingering trade tension between the
United States and China overshadowed strong U.S. jobs data.
Spot gold XAU= was mostly unchanged at $1,775.35 per ounce
by 0647 GMT. U.S. markets are closed on Friday ahead of
Independence Day on July 4.
U.S. gold futures GCv1 eased 0.3% to $1,785.
"Nagging doubts appear to remain in investors' minds about
the explosion of COVID-19 cases in the U.S. sunbelt states and
its possible negative effect on the recovery going forward,"
said Jeffrey Halley, a senior market analyst at OANDA.
The United States reported more than 55,000 new infections
on Thursday, a new daily global record in the pandemic that has
infected more than 10.89 million people worldwide. "Geopolitical considerations are also to the fore... with a
holiday in the United States, and the weekend upon us, some
haven-directed buying of gold is definitely evident," Halley
Markets also kept a wary eye on China's trade relations with
the United States.
More than 75 members of the U.S. Congress sent a letter to
President Donald Trump urging him to make a formal determination
of whether China's treatment of Muslim Uighurs and other groups
constituted an atrocity. Indicative of sentiment, holdings of SPDR Gold Trust GLD ,
rose 0.8% to 1,191.47 tonnes on Thursday. GOL/ETF
Stemming bullion's advance, better-than-expected U.S. jobs
reports lifted sentiment in wider financial markets. MKTS/GLOB
The U.S. economy created jobs at a record clip in June, but
31.5 million Americans were collecting unemployment checks in
the middle of the month. Palladium XPD= fell 0.4% to $1,893.12 per ounce, while
platinum XPT= rose 0.8% to $809.50, set for its first weekly
gain in six.
Silver XAG= gained 0.4% to $17.97, heading for its fourth
consecutive weekly gain.

Related News

Latest comments

Add a Comment
Please wait a minute before you try to comment again.
Write a reply...
Please wait a minute before you try to comment again.

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

English (USA) English (UK) English (India) English (Canada) English (Australia) English (South Africa) English (Nigeria) Deutsch Español (España) Español (México) Français Italiano Nederlands Português (Portugal) Polski Português (Brasil) Русский Türkçe ‏العربية‏ Ελληνικά Svenska Suomi עברית 日本語 한국어 简体中文 繁體中文 Bahasa Indonesia Bahasa Melayu ไทย Tiếng Việt हिंदी
Sign out
Are you sure you want to sign out?
Saving Changes


Download the App

Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors. is better on the App!

More content, faster quotes and charts, and a smoother experience is available only on the App.