08.06.202010:40:00UTC+00Gold Prices Rise In Cautious Trade

Gold prices rose on Monday even as the release of stronger-than-expected U.S. monthly jobs report bolstered demand for riskier assets such as equities.

Spot gold rose half a percent to $1,694.03 per ounce, while U.S. gold futures were up 0.9 percent at $1,697.45 per ounce.

The metal dropped to a one-month low at the end of last week after an unexpected jump in U.S. employment in the month of May raised optimism about a quick economic recovery.

U.S. non-farm payroll employment jumped by 2.51 million jobs in May after plummeting by a revised 20.69 million jobs in April, reflecting a limited resumption of economic activity. The jobless rate dropped to 13.3 percent.

Economists had been expecting the loss of another 8.0 million jobs and a spike in the unemployment rate to near 20 percent.

The U.S. central bank's monetary policy announcement is due on Wednesday, with investors waiting to hear the Fed's views on the economic outlook in the wake of Friday's robust data and the resulting rise in U.S. Treasury yields.

The OECD releases its economic outlook Wednesday, while euro area finance ministers will meet Thursday to discuss the EU's recovery package.

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