Stability of gold prices await the release of US jobs data

Gold prices settled in the European market on Friday in a limited range of trading, with investors reluctant to build new centers, pending the issuance of new job data in the United States, which provides new evidence on the possibility of accelerating the pace of tightening US monetary policy during this year, and raise interest rates during This month.

Gold prices are trading around 8:35 GMT at $ 1299.60 per ounce from the opening level of $ 1298.76, and the highest level is $ 1300.63, and the lowest level of $ 1297.73.

Gold prices fell yesterday by more than 0.2%, the first loss in three days, due to slower demand for safe havens assets, and after positive economic data from the United States.

Gold lost 1.3% in May, the second monthly loss in a row, on the back of a strong US dollar rally against a basket of currencies, supported by long-term US bond yields rising to a seven-year high.

Investors will be looking later for important data on the US labor market, which provides strong evidence that the Fed is likely to accelerate monetary policy tightening this year and raise interest rates at this month's meeting.

The US economy will add 189,000 new jobs in May, compared with 164,000 jobs in April, with the unemployment rate stabilizing at 3.9%, the lowest level since 2000. , And the average per capita income per hour is also expected to rise 0.2% from 0.1% in April.

Gold holdings in the SPDR Gold Trust Fund The world's largest gold-backed index fell yesterday by 4.42 metric tons to 847.03 metric tons, the lowest level since March 27.