Gold Prices Hovers Near 8-Week Low in Asia Ahead of US Jobs Data

Gold Prices Hovers Near 8-Week Low in Asia Ahead of US Jobs Data

The prices of gold treading water near a minimum of eight weeks in Asia on Friday with reluctance to take positions ahead of data on employment from the United States seen as key to the decision of the Fed to raise rates next month, as investors pulling money out of bullion funds.

On the Comex, gold for December delivery traded up 0.01% to $1,104.50 a trooy ounce.

Spot gold had ticked up 0.5 per cent at $1,109.10 an ounce, the lowest since September 11.

During the night gold rose until Thursday to extend a run of seven days, as investors waited the liberation of US national employment report on Friday for short term more clues about whether the Fed may raise interest rates prior to the end the year.

The merchants were reluctant to make any major moves in front of the Friday October employment report from the Department of Labor Bureau of Labor Statistics of the United States. On Friday morning, we expect the Department of Labor report that nonfarm payrolls rose by 190,000 last month after an extremely mild gain of 142,000 in September. Analysts also expect the unemployment rate to fall 0.1% to 5.0% and average hourly earnings marking tick up a 0.2 to 0.2%.

Market players are now awaiting nonfarm US payrolls report due end of the day for indications over the strength of the economy and how should this affect the monetary policy of the Federal Reserve.

The assets of SPDR Gold Trust, the top gold-backed exchange-traded fund, fell to 671.77 tons, the lowest level since mid-August. Only on Thursday, the fund saw outflows of 8.34 tons, the biggest one-day drop since July 17.

The Fed chairman Janet Yellen said yesterday that a rate hike in December was a “live possibility” if warranted by upcoming economic data.

A the Multi Commodity Exchange, Gold prices for February contract was trading at Rs 25998 down Rs 28, or 0.11 percent.

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