Gold Futures Edge Higher in Aaia as Investors Focus on U.S. Nonfarm Payrolls

Gold Futures Edge Higher in Aaia as Investors Focus on U.S. Nonfarm Payrolls

Prices of US gold futures rose slightly higher in Asia on Friday with the focus on NFP in the United States as the most recent major piece of the jigsaw of data before the Federal Reserve meets later this month in rates hike in the US.

Globally, gold climbed 0.3 per cent to $1,065.12 an ounce in Singapore while gold for February delivery rose 0.08% to $1,062.40 a troy ounce in New York on Friday.

Analysts are expecting the US jobless rate to hold steady at 5.0% and expects to see solid gains in employment of 190,000. In an October report robust non-farm payrolls increased by 271,000, while the jobless rate marked by 0.1 to 5.0%.

Overnight, gold was recovered as the dollar underwent one of its worst sessions of the year, after the European Central Bank shocked the world currency markets by establishing limited flexibility measures on Thursday that fell well below market expectations.

Investors now directs his attention to the critical payrolls report US on Friday, which could pave the way for the Federal Reserve to raise interest rates in the short term in a two-day meeting on December 15 to 16.

The rupee pushed downwards over two years against the dollar, making imports more expensive, gold prices too high.

Pressure is mounting on the gold futures contract traded on the MCX, the contract will come under renewed pressure if it declines below Rs 24,450.

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