Business News Asia
Gold prices closed higher last night (Sept. 3) as investors sought safe haven. After the U.S. Labor Department released non-farm payrolls that came in far below expectations. The numbers suggest that U.S. economic growth has slowed. One factor for the slowdown may be the Delta variant, which is still spreading rapidly. A severe epidemic of delta variant is currently rampant in Asia.
The Gold price rose $22.2, or 1.23%, to $1,833.7/ounce.
The Silver price rose 88.4 cents, or 3.7%, to $24.802/ounce.
Platinum contracts rose $27.4, or 2.76 percent, to $1,021.6/ounce.
Palladium futures rose $15.90, or 0.7 percent, to $2,416.30 an ounce.
Gold is benefiting from its safe-haven status at the moment. After the Federal Reserve (Fed) announced to maintain the current monetary policy and non-farm payrolls increased by only 235,000 in August against a forecast of 720,000, gold prices were able to gradually move up.
The unemployment rate fell to 5.2% in August. That’s about what analysts had expected after it hit 5.4% in July.
In addition, the dollar weakened by 0.21% to the level of 92.0327 against the 6 other basket currencies. It is another factor in favor of gold. When the dollar weakens, the price of gold becomes more attractive to investors holding other currencies.