Gold continued to rise higher in the Asian session supported by continued weak greenback trading amid growing inflationary pressures.
Spot gold soared near a five -month high, with it trading higher around $ 1,912 an ounce. Gold futures traded higher at $ 1,914 an ounce.
The continued weakness that plagued the greenback dollar in response to Federal Reserve (Fed) monetary policy expectations, continued to provide support for gold trading.
In addition, concerns about rising inflationary pressures around the world have also increased the safe-haven attractiveness of gold as a hedge to inflation.
This week’s market focus is on U.S. NFP jobs data on Friday, with an expected increase of 650,000 last month.
For most analysts, the next gold price bullish factor is likely to occur this Friday, when the U.S. Department of Labor releases its NFP report for May.
Last month labor market data surprised the market after recording much weaker -than -expected growth with a record increase of 266,000 jobs in April, compared to expectations for an increase of nearly 1 million.
