Prices for bullion eased on Friday as the American dollar held gains ahead of the much-anticipated U.S. jobs data, while a growing number of Federal Reserve officials signaled the possibility of a sooner-than-expected policy tightening.
Spot gold fell 0.1% to $1,802.05 U.S. per ounce early Friday morning. U.S. gold futures eased 0.3% to $1,804.10.
Fed Governor Christopher Waller said it may be possible for the U.S. central bank to start withdrawing its accommodative monetary policy sooner than some expect given the progress in economic recovery and improving labor market.
Meanwhile, Minneapolis Fed President Neel Kashkari said the delta variant of COVID-19 could throw a “wrinkle” into the labor market recovery and the timeline for a reduction in the Fed’s asset-purchase program.
Daily new COVID-19 cases have climbed to a six-month high in the United States, with more than 100,000 infections reported nationwide as the delta variant ravaged states with lower vaccination rates.
Investors are now focused on U.S. non-farm payrolls report, due later in the day, seen as key to Fed’s policy stance.
Silver rose 0.1% to $25.15 U.S. per ounce and palladium was flat at $2,649.45 U.S.
Platinum hit an over-seven-month low of $998 U.S. and was last down 0.6% at $999.49 U.S.