Gold prices are moving higher Friday morning, placing the most active gold futures contracts in line for a positive close for a third straight session.
A drop in yields on long-term U.S. Treasury Notes and a somewhat flat dollar are supporting the yellow metal’s uptick.
Worries about the likely impact of the spread of the delta variant of the coronavirus on the pace of global economic rebound also appear to be boosting the demand for the safe-haven commodity.
Investors are also looking ahead to the monthly non-farm payrolls data, due a little while from now.
Gold futures for August are up $12.30 or 0.7% at $1,789.10 an ounce.
Silver futures for September are gaining $0.250 or 0.97% at $26.350 an ounce.
Economists currently expect the Labor Department report to show employment jumped by 690,000 jobs in June after surging up by 559,000 jobs in May. The unemployment rate is expected to dip to 5.7% from 5.8%.
On Thursday, the Labor Department released a report showing first-time claims for U.S. unemployment benefits fell by more than expected in the week ended June 26th. The report said initial jobless claims slid to 364,000, a decrease of 51,000 from the previous week’s revised level of 415,000. Economist had expected jobless claims to dip to 393,000 from the 411,000 originally reported for the previous week.