By David Ho

Investing.com – Gold was up on Monday morning in Asia even as the signaled this year that could weigh on non-yielding bullion.

They were at $1856.20, up 0.2% by 10:26 ET (22:26 GMT). The price has fluctuated between $1828 to $1864 over the last week. It is currently at $1,850 on an overall average.

Since fresh data on the job market showed no signs of the U.S. economic slowing down due to rising borrowing costs and high inflation, half-a-point interest rates are expected by Federal Reserve in June and July.

Gold fell on Friday after U.S. data revealed that employers had hired more workers in May than they expected and continued to increase their wages at a steady pace.

Investors increased their stakes in this year, and they priced in an even bigger 50-basis point hike at the bank’s October policy meeting.

Holding gold at higher rates means that you have to pay more for it, since there is no interest.

Sibanye Stillwater, a South African precious-metals miner of gold and silver (NYSE:), announced that union leaders striking at the company’s operations in Gold had been given a directive from its members to agree to a three-year wage contract.

According to the president, the chamber of mines, Ghana lost its top spot in Africa by 30% as its gold production dropped to 30 percent last year.

As a result of a decline in demand and an increase in gold prices, India saw its gold discounting expand the week before. A gradual lifting of coronavirus restrictions has made bullion more attractive to consumers in China’s top-consumer China.

The price of other metals rose 0.2% to $1.015.99 while it rose 0.9% to $1.993.52. The price per ounce also increased 0.1%, to $21.92.