Gold Up, Investors Focus on Upcoming U.S. Jobs Data By

© Reuters.

By Gina Lee – Gold was up on Thursday morning in Asia as investors await the U.S. data due Friday. The benchmark edged higher as trading started in Asia, also giving the yellow metal a boost.

were up 0.27% to $1,789.15 by 13:09 AM ET (5:09 AM GMT). The , which usually moves inversely to gold, inched up on Thursday.

The U.S. climbed to 742,000 in April. Although lower than expected, the growth was the biggest in seven months as firms boosted their production in response to increasing demand. The economy recovered further from COVID-19 due to the government’s stimulus measures and accelerating COVID-19 vaccination rates.

Investors now await April’s U.S. monthly jobs report, including the non-farm payrolls, due on Friday. data for the past week is also due later in the day.

U.S. Federal Reserve Governor said on Wednesday that the country’s economy could be recording faster-than-expected growth and unemployment is falling faster than predicted.

However, Chicago Federal Reserve Bank President Charles Evans remained concerned that the economy might not reach the Fed’s 2% inflation goal and expected the Fed to maintain its dovish monetary policy for a while.

Across the Atlantic in the U.K., the Bank of England will hand down its later in the day.

The central bank could announce a slowdown in its COVID-19 emergency support due to a stronger recovery in 2021 than predicted.

In other precious metals, palladium inched down 0.1%, silver slid 0.5%, and platinum dipped 0.4%.

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