Gold Prices Trades Lower Amid U.S. Markets Closed for Labor Day Holiday

Gold Prices Trades Lower Amid U.S. Markets Closed for Labor Day Holiday

Prices of gold futures trades lower than a fourth straight session on Monday as expected trade volumes to remain glade with lot of investors in the US away for the Labor Day holiday.

Prices fighting near a 2-1 / 2 week low after US payrolls data did not provide clarity on when to a rate hike by the Federal Reserve.

On the Comex, Gold for December delivery shed $1.40, or 0.12%, to trade at $1,120.00 a troy ounce. Spot gold dropped 0.3 per cent to $1,118.73 an ounce.

The yellow metal fell to $ 1116.75 on Friday, the lowest rate since August 19, posting a second consecutive weekly loss.

Liquidity is probably thin on Monday as US markets are closed for the Labor Day holiday.

On Friday, the Labor Department reported that the US economy adding 173,000 jobs last month, below forecasts for a 220,000 increase and slowing earnings 245,000 the previous month.

But the jobless rate ticked down to 5.1%, its lowest level since April 2008, from 5.3% in July, while average hourly earnings rose by a stronger than expected 2.2%.

The investors had been expecting jobs report to measure the strength of the economic recovery and whether it would lead the Fed to raise rates at its policy meeting later this month. The Fed has already mentioned that the timing of the hike is largely dependent data.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said it’s holdings dropped 0.04 percent to 682.35 tonnes on Friday.

In the meantime, Gold prices on MCX were trading higher on Monday. MCX Gold December contract was trading at Rs 26767 up Rs 56, or 0.21 percent.

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