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3 Minutes to Read (Adds analyst comments and updates prices) * Investors anticipate the release of U.S. jobs data at 1230 GMT* The White House prepares for virus outbreaks owing to the Delta variant* Palladium is expected to climb for the second week in a row. Reuters, July 2 – Concerns about the spread of the Delta strain of the new coronavirus pushed gold prices higher on Friday, while investors anticipated U.S. non-farm payrolls data that could impact the timing of the Federal Reserve’s monetary policy change. By 0305 GMT, spot gold had risen 0.1 percent to $1,778.26 per ounce. So far this week, it has dropped 0.1 percent. Gold futures in the United States rose 0.1 percent to $1,778.50. “The Delta variant’s spread is supporting gold since it can delay economic recovery… (but), the medium-term picture remains bearish biased because we’re accepting the start of the tapering cycle,” Margaret Yang, a DailyFX strategist, said. The extremely contagious Delta variety has forced Asian and European countries to postpone reopening plans, while the White House announced that special teams will be dispatched to hotspots across the country to tackle the outbreak. According to a Reuters poll, investors’ attention is focused on U.S. non-farm payrolls data due at 1230 GMT, which is expected to show a 690,000 job growth last month. According to Yang, a non-farm payrolls report with a print of one million or more can speed up the Fed’s policy tapering and rate-hike plans. The labor market in the United States is picking up speed as the economy completely reopens, according to private payrolls and unemployment claims data released this week. The dollar remained at three-month highs, making gold more expensive for those who own other currencies. In recent weeks, some Fed officials have stated that the central bank may begin contemplating tapering in the coming months. While a “taper tantrum” poses a downside risk to gold, inflation fears are expected to maintain prices in the short term, according to Fitch Solutions. Platinum jumped 0.3 percent to $1,085.64 per ounce, while silver rose 0.2 percent to $26.05 per ounce. Palladium remained unchanged at $2,762.75, on track for a second weekly rise. (In Bengaluru, Sumita Layek reported; Subhranshu Sahu and Uttaresh.V edited.)/nRead More

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