Investors were also assessing comments by Treasury Secretary Janet Yellen who said Sunday that President Joe Biden should push forward with his US$4 trillion ($5.3 trillion) spending plans even if they trigger inflation that persists into next year, adding a “slightly higher” interest rate environment would be a “plus.”
Gold held a gain after US jobs data missed expectations, easing concern that a strong economic rebound would stoke inflation and see a potential dial back in stimulus.
Bullion rose 1.1% Friday as a Labor Department report showed job growth picked up in May, though the 559,000 payrolls gain fell short of economists’ expectations. The jobless rate dropped to 5.8%, while the labor participation rate was little changed.
