Gold prices rose on February 7 morning in the absence of risk sentiment. Investors are in anticipation of tightening monetary policy by the US Federal Reserve, Report informs.
The price of April gold futures on the Comex New York stock exchange rose by $3.45, or 0.2%, to $1,811.35 per troy ounce. March silver futures rose 1.41% to $22.793 an ounce.
The cost of the precious metal was affected by last week’s report on the US labor market. The country saw its unemployment in January rise to 4% from December’s 3.9%, while the number of people employed in non-agricultural sectors of the economy increased by 467,000. At the same time, analysts expected unemployment to remain at December's level and an increase of 150,000 in the number of people employed in the non-agricultural sector.
The price of the precious metal rose after a better-than-expected US employment report and as traders reconsider whether the Fed will tighten monetary policy more aggressively, according to analysts.