Gold price climbed above $1,800 an ounce during the European session, the first time since 2011. The overall momentum remained bullish throughout this week as investors turned to safe-haven assets amid a spike in coronavirus cases in several countries across the globe.
The Reserve Bank of Australia (RBA) left official interest rates at the historical low of 0.25% on its monthly meeting on Tuesday. RBA governor Philip Lowe said, "Uncertainty about the health situation and the future strength of the economy is making many households and businesses cautious, and this is affecting consumption and investment plans,"
On Saturday, the World Health Organization (WHO) reported a record number of 200,000 new coronavirus cases, with the United States, Brazil and India showing the biggest increases. The number of people infected with COVID-19 across the world crossed 11.3 million, of which around 531,729 have died, according to Johns Hopkins.
U.S. stock markets are closed Friday in observance of Independence Day. Both the New York Stock Exchange (NYSE) and NASDAQ will be closed on Friday. Overall trading becomes a bit subdued as the US is on holiday and expects low and unusual volatility in the global markets today.
The U.S. non-farm payrolls report is one of the most important data scheduled for release later today. NFP measures employment levels in the United States that does not include farm workers, private household employees, or non-profits. The consensus is for an increase of 3 million non-farm payroll jobs, and for the unemployment rate to decrease to 12.3%.