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  • Writer's pictureanalysiswatch

Title: Gold Down, Dollar Strengthens Ahead of Latest U.S. Jobs Report

Apr 01, 2022 01:06AM ET

By: AnalysisWatch

Gold prices were down in Asia on Friday morning, continuing their weekly losses. A stronger dollar outweighed safe-haven demand because of slow progress in peace talks between Russia and Ukraine, and investors await the latest US jobs report for clues on future US monetary policy.

Gold futures were 0.63% lower at $1,937 at 1:03 AM ET and have lost about 1.1% so far this week. The dollar, which usually moves inversely to gold, rose on Friday from a nearly one-month low.

Russian President Vladimir Putin threatened on Thursday to halt contracts that supply Europe with a third of its gas unless they are paid for in Russian roubles. This is his harshest economic response yet to Western sanctions over Russia's invasion of Ukraine on February 24.

In the Asia-Pacific region, the Caixin manufacturing purchasing managers' index in China was 48.1 in March 2022. In Japan, the Tankan manufacturing index was at 14 and the Tankan non-manufacturing index was at 9 in the first quarter of 2022.

In Australia, the Australian Industry Group manufacturing index was 55.7 in March and the manufacturing PMI was 57.7.

Investors are now waiting for the latest US labor market report, which will be released later today and will include non-farm payrolls. The figures could also shed light on the future monetary policy of the US Federal Reserve.

Russia's gold and foreign exchange reserves fell to $604.4 billion as of March 25, the lowest level since August 2021, from $642 billion before the invasion of Ukraine, according to the Central Bank of the Russian Federation (Bank of Russia).

Among other precious metals, silver rose 0.2%. Platinum gained 0.1% and palladium rose 0.9%, but both metals are facing their fourth consecutive weekly loss.

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