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Gold was down on Monday morning in Asia but remained below a two-and-a-half-month high. A disappointing U.S. jobs report indicated that the U.S. Federal Reserve could delay its asset tapering timeline, giving the yellow metal a boost.
Gold futures were down 0.30% to $1,828.25 by 12:15 AM ET (4:15 AM GMT), after hitting $1,833.80, its highest level since Jun. 16, during the previous session.
Investors continue to digest Friday’s latest U.S. jobs report, which showed non-farm payrolls were at 235,000 in August. With the smallest gains in seven months and the Fed making labor market recovery a condition to begin asset tapering, investors now expect a delay in the central bank starting the process.
Meanwhile, the unemployment rate was 5.2%.
The report also pushed the dollar Index, which normally moves inversely to gold, to its lowest level since Aug. 4. The dollar edged up on Monday.
The dollar languished near a one-month low versus major peers on Monday, as investors pushed back expectations for when the Federal Reserve will begin tapering its massive stimulus.
The dollar index, which measures the currency against six rivals, edged 0.05% higher to 92.155, after dipping to 91.941 for the first time since Aug. 4 on Friday, when a closely watched U.S. labour report came out much weaker than expected.
The euro was flat at $1.18775 after matching the highest level since June 29 at $1.1909 at the end of last week. The single currency has been supported by expectations the European Central Bank, which meets Thursday, is close to tapering its own stimulus programme.
The greenback edged 0.1% higher to 109.79 yen, still meandering in the middle of its trading range of the past two months.
U.S. nonfarm payrolls increased by just 235,000 in August, compared with a 728,000 median forecast by economists in a Reuters poll, as a resurgence in COVID-19 infections weighed on demand at restaurants and hotels, and stalling hiring.
After a summer in which stocks have hit a seemingly never-ending run of record highs, September brings a series of monetary and political events that could jolt investors out of their complacency.
The will-they-won’t-they debate over trimming pandemic-era stimulus gets an airing with several G10 central banks holding meetings. A showdown over U.S. national debt alongside crucial elections in Japan and Germany add to the risks.
TAPER DOWN UNDER — SEPT. 7
The Reserve Bank of Australia meets on Tuesday and provides September’s first test of central banks’ determination to stick with plans to cut stimulus.
WHO LET THE HAWKS OUT? ECB MEETS — SEPT. 9
Thursday’s European Central Bank meeting could be a lively affair. ECB policy hawks have been out in force, arguing now is the time to start debating the end of a stimulus scheme.
CANADA ELECTION — SEPT. 20
Canadian Prime Minister Justin Trudeau called a snap vote two years early and now faces a tight race.
FED TAPER TIMELINE — SEPT. 21-22
Weak August U.S. payrolls have not entirely derailed expectations the Federal Reserve might announce a taper timeline at its September meeting. But with a year-end start to the taper mostly priced in, focus is shifting to when interest rates may rise.
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