Gold Futures Prices Slips 3-1/2-Month Low On Dollar Strength Ahead Of US Jobs Data

Gold Futures Prices Slips 3-1/2-Month Low On Dollar Strength Ahead Of US Jobs Data

Prices of US gold futures dropped on Thursday to its lowest by almost four months as the dollar firmed and stocks was up before non-farm payrolls on Friday that should reinforce expectations of a rise in interest rates by USA would push investors out of their bullion holdings.

Gold for December delivery on the Comex Exchange fell to an intraday low of $1,254.00 a troy ounce, a level not seen since June 24.

Spot gold edged lower 0.1 percent at $1,264.90 an ounce.

Gold XAU dropped a 3.3 percent on Tuesday, breaking below its level of $ 1,300 per key technical ounce, its biggest daily decline in three years. The yellow metal has fallen to its lowest level since Britain voted to leave the European Union in June.

The Department of Labor said that the number of people who filed for unemployment insurance in the week ended October 1, 5000 decreased to 249,000 Total 254,000 the previous week. Analysts were expecting unemployment claims to increase in 3000 to 257,000 last week.

The first time claims was the lowest since April, though initial requests for aid were at levels not seen since November 1973.

Market participants will focused on US Nonfarm payrolls report on Friday for more indications on strength of the labor market, as the Federal Reserve has indicated that future interest rate decisions will be data dependent.

Consensus estimate is that the data show employment growth of 175,000 in September after an increase of 151,000 in August. The jobless rate is expected to remain stable at 4.9%, while it is expected that average hourly earnings to rise 0.2% after gaining 0.1% in the previous month.

Gold prices on the MCX had risen to Rs 31,466 per 10 gm tracking a weak global trend amid muted demand from jewellers at the spot market.

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