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Gold Up, Dollar Weakens as U.S. Jobs Report Calms Fear of Early Rate Hike
Gold was up on Monday morning in Asia, boosted by a weakening dollar. The latest U.S. jobs report also calmed investor fears of an earlier-than-expected interest rate hike.
Gold futures were up 0.24% to $1,787.55 by 10:39 PM ET (2:39 AM GMT). The dollar, which usually moves inversely to gold, edged down on Monday.
On the demand side, central banks including Serbia, Thailand, and Ghana are increasing their gold holdings due to signs of accelerating inflation. “Long term, gold is the most significant guardian and guarantor of protection against inflationary and other forms of financial risks,” the National Bank of Serbia told Bloomberg.
According to the U.S. jobs report, released on Friday, nonfarm payrolls increased by 850,000 in June thanks to rising wages and more incentives. It was higher than the 700,000 figure in forecasts prepared by Investing.com.
Oil prices were steady on Monday with investors and traders awaiting crucial talks by OPEC+ following disagreement over output within the group that could lead to major producers pumping up volumes to grab market share.
Brent crude was up 4 cents at $76.21 a barrel by 0558 GMT, after falling 1 cent last week, the first weekly decline in six. U.S. oil also gained 4 cents, trading at $75.20 a barrel, having risen 1.5% last week, the sixth consecutive week of gains for the contract.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, voted on Friday to increase production by about 2 million barrels a day from August to December 2021 and to extend the remaining output cuts to the end of 2022, but objections from the United Arab Emirates (UAE) prevented an agreement.
European Stock Futures Lower; OPEC+ Meeting in Focus
European stock markets are seen opening marginally lower Monday, with investors keeping a wary eye on the oil market following signs that China’s economic recovery may be slowing.
At 2 AM ET (0600 GMT), the DAX futures contract in Germany traded 0.2% lower, CAC 40 futures in France dropped 0.1% and the FTSE 100 futures contract in the U.K. fell 0.1%.
Earlier Monday, a private survey showed China’s services sector grew in June at its slowest pace in 14 months, with the Caixin services purchasing managers index coming in at 50.3, the lowest since April 2020.
This, following on from Thursday’s manufacturing equivalent figure also falling in June, suggested that the recovery in the world’s second-largest economy from the Covid-19 pandemic is starting to abate.
Elsewhere, the market will be waiting for news from Vienna with a group of major oil producers set to reconvene talks aimed at finalizing output levels for the rest of the year and beyond.
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