Gold Futures Prices Slip Near 2-Month Lows ahead of US Jobs Data

Gold Futures Prices Slip Near 2-Month Lows ahead of US Jobs Data

Gold futures prices fell near the lowest level in two months on Friday, with the increasing demand for the US dollar amid growing optimism about the future of the economy, and after the release of mixed US employment report, which included an encouraging increase in wages.

Comex gold futures were down $2.22, or about 0.17%, at $1,270.98 a troy ounce.

MCX Gold futures were trading 0.11 per cent down at Rs 29,356 per 10 gram while MCX Silver futures were down 0.02 per cent at Rs 39,163 per 1 kg.

Globally, gold rose by 0.03 per cent to USD 1,268.20 an ounce and silver by 0.06 per cent to USD 16.59 an ounce in London.

And investor confidence in the US economy rose after the Labor Department said Thursday that initial jobless claims fell more than expected to 260,000 last week.

Additional reports showed that the US trade deficit contracted in August, with exports rising to a two-and-a-half year high, while factory orders rose more than expected by analysts.

It seems that the markets focus only on the growth of wages, which is monitored by the Federal Reserve closely to get evidence of the recession, the decline in the labor market and upward pressure on inflation.

The dollar has gained widespread support through the hopes of making a future tax reform after the US House of Representatives on Thursday approved a spending bill for the 2018, which was considered an important step for the payment of the tax reform plan at the end.

The dollar index, which measures the strength of the dollar against a basket of six major currencies, rose 0.14% to hit 93.91, compared to the highest level in 10 weeks of 94.09 earlier in the session.

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