Gold prices stabilize in anticipation of economic data

02/09/2021 Argaam


Gold prices stabilized on Thursday, as investors awaited the release of the monthly jobs report in the United States on Aug. 3, which may be a primary reference for the Federal Reserve when deciding whether to start reducing asset purchases.

 

The World Health Organization (WHO) warned of a new strain of COVID-19 called Mu, saying that it contains mutations that have the ability to evade the immunity provided by a previous infection or vaccination against the virus.

 

Gold futures contracts for December delivery settled at $1,816.40 per ounce at 09:35am Makkah time. Spot price for the yellow metal settled at $1,814.72 per ounce.

 

Elsewhere, silver futures for December delivery settled at $24.22 an ounce, spot price for platinum delivery declined 0.2% to reach $1,002.75, while palladium fell 0.2% to reach $2,437.50 per ounce.

 

The dollar index - which measures the performance of the US currency against a basket of six currencies – settled at 92.480 points.

 

The US will release last week's unemployment claims data later today, Sept. 2, amid expectations of 342,000.

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