Gold up, investors wait for the Fed’s next move, amid a tighter labor market, according to Investing.com

Author: Gina Lee

Investing.com – Gold rose in Asia on Monday morning as investors continued to digest it and weighed in on the impact of the US Federal Reserve’s next move.

It rose 0.01% to $ 1,784.15 at 22:53 hours ET (03:53 GMT). , which usually moves in the opposite direction to gold, rose on Monday.

The U.S. labor report released on Friday was mixed. There were 210,000 in November, up from 550,000 in the forecast by Investing.com and less than 546,000 in the previous month. It fell to 4.2%, the lowest in 21 months.

Separate data said it was 69.1 higher than expected in November, a record.

Although companies indicate that they are pushing for hiring, prices remain high and there are few signs of easing supply constraints.

The Fed is likely to accelerate the decline in its assets in response to the tightening of the labor market. This can also lead to unexpected interest rate hikes.

Interest rate hikes also remained interesting across the Atlantic. Michael Saunders, an external member of the Bank of England’s Monetary Policy Committee, is awaiting further information on the new omicron COVID-19 variant before deciding how to vote. Saunders voted to raise interest rates in November.

In Asia Pacific, he will make his final political decision on Tuesday, and a day later.

Among other precious metals, silver rose by 0.3%, platinum by 0.8% and palladium by 0.7%.