Gold Firms On Dollar Slide, U.S. Stimulus Hopes

Governments and central banks across the globe have rolled out unparalleled stimulus measures to revive their pandemic-hit economies, helping gold rise more than 20% so far in the year because of its role as a hedge against inflation and currency debasement.

Market participants are now waiting for the U.S. initial jobless claims data due later in the day and the non-farm payrolls report on Friday for clues about the pace of recovery in the world’s largest economy.

If U.S. jobs data comes at least in line with expectations and as long as the wage inflation number is strong, that maybe gold negative, said DailyFx currency strategist Ilya Spivak.

Among other precious metals, silver rose 1.3% to $23.50 per ounce. Platinum hit a more than one-week high of $904.45 per ounce and was last up 1.7% at $903.18, while palladium gained 0.7% to $2,321.70.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor