FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Gold prices steadied after fall to a more than 1-month low in the prior session on an unexpected jump in U.S. employment that boosted hopes for a swift economic recovery. The surprise recovery in U.S. employment lifted hopes of a quicker global economic revival after many weeks of lockdowns aimed at controlling the coronavirus pandemic.
The U.S. nonfarm payrolls rose by 2.509 million jobs last month, versus consensus estimates of a fall of 8 million jobs after a record plunge of 20.687 million in April, while the Labor Department’s employment report showed a decline in the jobless rate to 13.3 percent in May from 14.7 percent in April, a post-World War II high.
Spot gold was trading 0.5 percent higher at $1,677.50 per ounce by 0727 GMT, having touched a low of $1,670.43 on Friday, its lowest since April 21. U.S. gold futures rose 0.5 percent to $1,691.40. Last week, bullion declined as much as 2.6 percent as markets pinned hopes on an economic recovery.
Gold prices have advanced more than 11 percent so far this year as central banks across the globe slashed interest rates and announced massive stimulus to support the coronavirus-damaged economy. However, prices have shed about 4 percent since recording a 7-year peak in May on the prospects of a global coronavirus recovery.
Investors now waiting for the U.S. Federal Reserve’s two-day policy meeting ending on Wednesday that could give cues on the U.S. monetary policy outlook.
