Gold futures were up 0.32% to $1856.20 by 10:26 PM ET (2:26 AM GMT). It has traded between $1,828 and $1,864 for the past week, remaining at an average of $1,850 overall.
The Federal Reserve is on track for half a point interest rate increases in June, July, and perhaps even beyond since fresh job market data showed no sign of the U.S. economy falling under to high inflation and rising borrowing costs.
On Friday, gold slipped after data showed U.S. employers hired more workers than expected in May and maintained a strong pace of wage increases.
Meanwhile, investors upped their bets on European Central Bank interest rate rises this year and priced in a bigger, 50 basis-point hike at one of the bank’s policy meetings by October.
Higher rates raise the opportunity cost of holding gold, as it yields no interest.
On Friday, South African precious metals miner Sibanye Stillwater (NYSE:SBSW) stated that trade unions leading a strike at its gold operations had a mandate from their members to accept a three-year wage deal.
In addition, Ghana’s gold production fell 30% last year to its lowest in more than a decade, knocking the country off its spot as Africa’s top producer, according to the president of the mines chamber.
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