Gold Rises to 4-Week Highs, Ahead Of US Non-Farm Payrolls Report

Gold Rises to 4-Week Highs, Ahead Of US Non-Farm Payrolls Report

Gold futures prices rose to 4-week highs on Friday, as investors awaited U.S. jobs reports, due later in the day, and as the Bank of England’s decision to lower interest rates continued to support.

On the Comex, gold futures for December delivery were up 0.23% at $1,370.55.

Spot gold was flat at $1,360.60 an ounce\. Bullion ended up 0.2 percent at $1,360.80 on Thursday and has risen 0.7 percent so far this week.

Prices of gold rose after the Bank of England submitted its first rate cut in seven years on Thursday and said more measurements to spur the economy in an attempt to prevent a recession after the vote in Britain in June to exit the European Union.

The Bank of England cut interest rates to a record-low of 0.25% in an attempt to cushion the economy from a recession after Brexit vote.

The central bank also raised its quantitative easing program by £ 60 billion and reduced growth forecast for next year. Now expects growth forecast at only 0.8% in 2017, as against 2.3% in its May estimates.

Economists surveyed by Reuters are looking for US nonagricultural employment increased by 180,000 in July, while the jobless rate is expected to seam side down to 4.8 percent from 4.9 percent in June. Official figures are payrolls at 1230 GMT on Friday.

The number of Americans filing for jobless benefits unexpectedly rose last week, while renewed job cuts in the energy sector increased layoffs announced by US-based employers in July.

Holdings of SPDR Gold Trust exchange-traded fund, rose 0.37 percent to 973.21 tonnes on Thursday.

In the national capital Gold prices inched up Rs 50 to Rs 31,100 per 10 grams today, largely on the back of positive global cues.

For Commodity Market Tips, MCX Live Tips, Gold-Silver Prices and trading market latest news & updates  with 100McxTips, follow us on Twitter @100mcxtips and Like on Facebook.  And to contact the reporter on this story email at or Call: +91-761-4012307

Top Commodity Tips Provider


MCX Commodity Tips is an experienced Commodity Research Advisory to predict investors buying and trading trends at various market environments. For free trial advisory on commodity Gold, Silver, Crude, Copper and all Indian Commodities kindly visit us and submit an query form at commodity free trial tips here.

Posted in Commodity, MCX, Stocks Market

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Free Crude Oil Tips
Free Trial Crude Trading Tips
Contact & Visit Info
M-Sat : 10am - 7pm

Error: Twitter did not respond. Please wait a few minutes and refresh this page.

NG Trading Tips
Free Trial Commodity Tips
Disclaimer: 100McxTIps would like to remind you that the data contained in this website is not necessarily real-time nor accurate. Bulloin Futures prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore 100McxTips doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .
%d bloggers like this: