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Gold steady amid Fed rate-cut bets; U.S. jobs data in focus

Friday,   07-Jun-2019   09:13 AM (IST)

Gold prices steadied on Friday, ahead of a U.S. jobs report later in the day, while a festering trade war and hopes of a Fed interest rate cut stoked demand for the
safe-haven bullion. Spot gold was down 0.1% at $1,333.29 per ounce, as of 0122 GMT. U.S. gold futures  were down 0.4% at $1,337.70 an ounce. Mexican and U.S. officials had held a second day of talks on trade and migration on Thursday amid reports U.S. President Donald Trump might delay the imposition of tariffs that was due on Monday. However, the White House said it is standing firm on its position that Mexico must make take significant new steps to halt the surge of Central American migrants by Monday, or face tariffs on its exports to the United States. U.S. Vice President Mike Pence said he was encouraged that Mexican officials were willing to do more to curb migration flows to the United States, but it was up to President Trump to decide if they went far enough to avert threatened tariffs. On Thursday, Trump said he would decide whether to carry out his threat to hit Beijing with tariffs on at least $300 billion in Chinese goods after a meeting of leaders of the world's largest economies late this month. The market focus turns to monthly U.S. jobs report for clues on the trajectory of interest rates. The U.S. Labor Department's non-farm payrolls report includes public and private-sector employment, both of which are expected to have dropped in May, according to a Reuters poll of economists. Federal Reserve Bank President John Williams said concerns about escalating trade tariffs and slowing global growth are boosting uncertainty and holding back business investment, but he is keeping an open mind on interest rates.