Gold futures advance with U.S. employment data and Greece concerns

Gold futures advance with U.S. employment data and Greece concerns

The U.S. Labor Department said the number of individuals who have for initial jobless benefits rose by 11,000 to 278,000 last week’s revised total of 267,000 the previous week. Image Source: http://bit.ly/1CA62MS

Gold futures prices advanced on Friday, as market players eagerly awaited report on U.S. employment due later in the day and as Greece concerns continued to dominate sentiment.

On the Comex, gold futures for April delivery were up 0.39% to $1,267.60. Meanwhile, gold was trading higher at $ 1266.15 an ounce from $ 1264.82 an ounce in Singapore.

The U.S. Labor Department said the number of individuals who have for initial jobless benefits rose by 11,000 to 278,000 last week’s revised total of 267,000 the previous week.

Analysts had expected initial unemployment claims rise by 23,000 to 290,000 last week.

A separate report showed the US trade gap widened to $ 46.56 billion in December from $ 39,750 million in November, whose figure was revised from a previously estimated $ 39.00 billion deficit. Analysts were expecting the trade deficit will narrow to $ 38.00 billion in December.

A strong US nonfarm payrolls report was likely to be added to the speculation that the Federal Reserve will start to raise interest rates, while a weak number could be pushed gold to undermine the argument in favor of a rise of early type.

Meanwhile, traders remained centered on follow developments in Greece, then said German Finance Minister Wolfgang Schauble on Thursday that Greece’s financial difficulties were the result of domestic issues, but that Germany would make every effort to help.

Gold prices are also advanced in the MCX futures trade today as speculators indulged in enlarging their position amidst a firming global trend before an employment report that may provide clues on the timing of interest rate hike in the US.

In the Multi Commodity Exchange, gold futures contracts for June gained Rs 135, or 0.49 per cent, to Rs 27,545 per 10 grams.

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Posted in Commodity, MCX, Stocks Market

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