Gold Drops to Near Two-Week Low as September Jobs Report on Friday

Gold Drops to Near Two-Week Low as September Jobs Report on Friday

Gold prices were down for a 5th day on Thursday amid mixed U.S. economic data, as investors await the U.S. payrolls report on Friday, for further indications of whether the Fed could hike rates over the next several months.

On the Comex, gold for December delivery traded in a tight range between $1,110.40 and $1,118.50 before settling at $1,114.50, down 0.70 or 0.06% on the session.

Spot Gold for immediate delivery lost 0.2 percent to $1,112.63 an ounce at 2:56 p.m. in Singapore.

On Thursday morning, the Labor Department said US initial unemployment claims increased by 10,000 last week to 277,000. Although weekly unemployment claims increased at a slightly higher rate than expected, they remain near 15-year lows. The four-week average dropped by 1,000 to 270,750, approximately 5,000 below its level since late August.

When the Department of Labor publishes its September employment report on Friday is expected to show the economy added 203,000 nonfarm payrolls this month, compared with a paltry gain of 173,000 in August. After tumbling sharply to 5.1% in August, it is expected that the jobless rate to hold steady in September. It is expected that average hourly earnings make up 0.2% after rising 0.3% in August.

SPDR Gold Holdings rose 3.6 metric ton to 1,530.17 tons as of Wednesday, the highest since July 30, data compiled by Bloomberg show.

In its monetary policy statement in September, the Federal Open Market Committee said he would like to see improvements in the labor market prior to increasing interest rates in the short term. A rise in interest rates is seen as bearish for gold, which strives to compete against the assets of high-performance bearings.

On Friday’s US non-farm payroll data will be released. Before the MCX gold October futures is trading below Rs 26,000.

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