2 Minutes Read (Adds analysts comments and updates prices) * France postpones easing of COVID-19 limitations due to a Delta variant* Fed’s Kaplan says tapering should begin “soon” and be gradual* Investors anticipate U.S. jobs data on Friday. Reuters, 1 July – Concerns about the more infectious Delta strain of COVID-19 increased gold’s safe-haven appeal on Thursday, ahead of critical U.S. jobs data for the Federal Reserve’s policy outlook. As of 0328 GMT, spot gold was up 0.3 percent at $1,775.52 per ounce, moving away from a two-month low reached on Tuesday. Gold futures in the United States rose 0.1 percent to $1,774.10. While the market is worried about rate rises impacting non-farm payrolls data, the Delta variant’s global spread is supporting gold prices, according to Stephen Innes, managing partner at SPI Asset Management. “It’s going to be quiet,” he added, “until we get a decisive break on either side of the $1,775 or $1,750 levels.” France has put off removing restrictions in the Landes region due to the spread of the Delta version of COVID-19, while coronavirus cases have increased in Asia. Investors are now looking forward to Friday’s non-farm payrolls report in the United States for signals on the Fed’s next move. Companies hastened to raise output and services amid a quickly recovering economy, according to data released on Wednesday, which indicated that private payrolls in the United States increased more than predicted in June. President Robert Kaplan of the Federal Reserve Bank of Dallas said Wednesday that he wants the Fed to begin lowering its economic stimulus before the end of the year, in part to make an abrupt policy tightening less likely later. A rate hike by the Fed will raise the opportunity cost of owning bullion, making it less appealing. Silver rose 0.3 percent to $26.19 per ounce, palladium declined 0.6 percent to $2,764.27 per ounce, and platinum fell 0.3 percent to $1,069.44 per ounce. (In Bengaluru, Sumita Layek reported; Aditya Soni edited)/n
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