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3 Minutes to Read (Recasts, adds comments and updates prices) * France’s relaxation of restrictions is being postponed due to the Delta variation. * Gold prices are continue in a downward trend, according to an analyst. Reuters, 1 July – On Thursday, gold gained in tandem with a drop in the dollar and Treasury yields, recouping some of the precious metal’s losses from the previous month as investors awaited the release of the US monthly nonfarm payrolls report. By 10:15 a.m. EDT (1415 GMT), spot gold was up 0.3 percent to $1,775.50 per ounce, moving away from the more than two-month low reached earlier this week. Gold futures in the United States were up 0.6 percent at $1,781.30. The dollar index fell 0.1 percent, and benchmark U.S. Treasury yields fell as well, lowering the opportunity cost of non-yielding gold. In June, gold suffered its worst monthly drop since November 2016, as the Federal Reserve made an unexpected hawkish move, denting the metal’s appeal. “The price of gold is still falling. We’re seeing a reversal of the trend “According to Jim Wyckoff, senior analyst at Kitco Metals, gold’s increase on Thursday was due to some bargain buying fueled by a weaker dollar and lower yields. “You’ll have to see multiple closes over $1,800 for gold to turn a corner,” Wyckoff said. Market traders are looking for indications on the timing of the US monetary policy change in Friday’s nonfarm payrolls report, which comes just days after Fed officials suggested the central bank should begin reducing stimulus this year. Investors were also keeping a tight eye on the development of the Delta coronavirus, which forced French officials to postpone lifting COVID-19 restrictions. “If the development of the variation pushes authorities to implement fresh lockdowns, especially in Europe and the United States,” said Ricardo Evangelista, a senior analyst at ActivTrades, “then we may be looking at the risk-averse safe-haven trade lending support to gold.” Silver was down 0.4 percent to $26.01 per ounce, palladium was up 0.4 percent to $2,789.37, and platinum was up 1% to $1,082.92. (In Bengaluru, Nakul Iyer and Arundhati Sarkar contributed reporting.) Paul Simao edited the piece.)/nRead More

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