Gold Prices Stays Near 28-Month High as Focus Turns to U.S. Jobs Report; Brexit Woes

Gold Prices Stays Near 28-Month High as Focus Turns to U.S. Jobs Report; Brexit Woes

Prices of gold futures firmed on Thursday after rising to the highest level since March 2014 a day earlier, as market operators looked ahead to key US jobs data for more clues about the next move by the Fed. In addition to returning to concerns about the vote of Britain to leave the European Union, despite the strength of the stock and the dollar limited gains.

Gold for August delivery on the Comex inched up 70 cents, or 0.05% to trade at $1,367.80 a troy ounce.

Spot gold was up 0.2 per cent at $1,366.66 an ounce.

Market participants are also focusing on US NFP report on Friday. The consensus forecast is that the data show 175,000 job growth last month, following an increase of only 38,000 in May, the jobless rate is projected to inch up to 4.8% from 4.7% while it is expected that average hourly earnings to rise 0.2% after gaining 0.2% in the previous month.

A report optimistic employment point to an improvement in the economy and support the case for increased interest rates in the coming months, while a weak report would add to the uncertainty on economic prospects and push the prospects of monetary policy tightening even more away from the table.

Market participants but dismissed further rate hikes from the Fed this year following the vote from Britain to leave the European Union. Actually the futures markets are reflecting the possibility that the Fed may actually cut interest rates before year-end.

Agree with the CME Fed Watch tool, there is currently a probability of 0% of a rate hike by the Fed in July and 5% probability of a rate cut.

in Delhi Gold prices slipped from a 28-month high by falling Rs 150 to Rs 30,900 per 10 grams at the bullion market as the metal rose overseas.

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