Gold Prices Steady After Upbeat U.S. Jobs Report; Powell’s Speech Awaits
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By Alex Ho
Investing.com - Gold prices steadied on Monday in Asia despite the release of a stronger-than-expected U.S. employment report.
Gold Futures for April delivery inched up 0.1% to $1,574.20 by 1:45 AM ET (05:45 GMT).
The latest U.S. employment situation report from the Labor Department showed the key non-farm payrolls figure came in up 225,000, compared to the expected 160,000.
The yellow metal traded mildly lower late last week following the jobs report, but the losses were limited amid uncertainties surrounding the coronavirus front.
The virus outbreak continued to spread, with over 900 people reported dead in China on Monday and over 40,000 afflicted in the country.
on a weekly basis, gold futures fell 0.6%, the first time it has slid in a week since mid-December, Investing.com data showed.
Traders now await an important testimony from Federal Reserve Chair Jerome Powell due later this week.
Powell is scheduled to testify before the House Financial Services Committee at 10:00 AM ET on Tuesday. On Wednesday, he will appear in front the Senate Banking Committee, also at 10 AM ET.
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