(Bloomberg) -- Gold steadied as investors weighed signs of an economic rebound amid better-than-expected U.S. jobs data against the implications of President Joe Biden’s spending plans.
U.S. employers added the most jobs in seven months with improvement across most industries in March, as more vaccinations and fewer business restrictions supercharged the labor market recovery. Nonfarm payrolls increased by 916,000 last month and February employment was revised up to a 468,000 gain, according to a Labor Department report Friday.
Meanwhile, traders are also watching the progress of debate over Biden’s $2.25 trillion infrastructure proposal, as Republicans expressed guarded support for a more limited plan. Trading is likely to be muted on Monday as markets including Australia, China and Hong Kong are shut for holidays.
Bullion posted its first quarterly drop since 2018 on rising bond yields and optimism over a recovery from the pandemic. Investor sentiment around the precious metal has dimmed -- holdings in bullion-backed exchange-traded funds have dropped to the lowest since May, while hedge fund managers cut net bullish gold bets to a three-week low.
Spot gold was little changed at $1,727.65 an ounce at 8:57 a.m. in Singapore. Silver and palladium were steady, while platinum advanced. The Bloomberg Spot Dollar Index rose 0.1%.
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