Gold post the biggest weekly gain in a month ahead of US jobs data

Gold post the biggest weekly gain in a month ahead of US jobs data

Gold climbed on Jan. 6 to $1,223.19, the highest level since Dec. 16, as oil’s retreat to less than $50 a barrel. Image Source: http://bloom.bg/1wBgZ9G

Gold rose on Friday, post its first the biggest weekly gain in a month, ahead of a closely watched monthly data on U.S. employment that will provide direction on the outlook for borrowing costs in the world’s largest economy.

Spot gold ticked up as much as 0.5 percent to $1,214.35 an ounce, and traded at $1,212.95 by 3:15 p.m. in Singapore.

Gold climbed on Jan. 6 to $1,223.19, the highest level since Dec. 16, as oil’s retreat to less than $50 a barrel.

Gold futures for February delivery was up 0.3 percent to $ 1,212.30 an ounce on the Comex in New York after falling for two days.

The yellow metal has surged about 2 percent since the far this week by snipping off a three-week losing run, after global equities tumbled as fears over political developments in Greece that could see exiting the euro zone.

Since equities have rebounded, bringing the gold to relinquish some of its gains.

Holdings in the SPDR Gold Trust, were unchanged yesterday at the lowest level since September 2008.

Data on Thursday showed the number of employers added 200,000 or more jobs for an 11th month, supporting the case for raising rates, which Chair Janet Yellen has said is unlikely to happen before late April.

“HSBC has increased its estimate for Gold in 2015. The average gold price  may remain of $1234 this year, according to HSBC. Earlier this year it was estimated at $1175. According to HSBC in 2015 the gold will expected to be traded range $1305 to $1120 range.”

The stronger rupee in the domestic market has risen the pressure on gold prices. MCX gold with weakness of 0.1 per cent, is trading around Rs. 26,800. While silver is broke by 0.1 per cent, to Rs 36,900.

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