In Friday's trading, gold prices steadied near their lowest in 10-month, as investors stuck to the sidelines ahead of the U.S. nonfarm payrolls data. The lack of monetary easing from major central banks slashed buying interest in gold.
Gold prices plunged on Thursday after the European Central Bank (ECB) and the Bank of England (BOE) slashed investor’s hopes of increased economic stimulus.
Meanwhile, lackluster economic data from U.S. kept the safe haven appeal intact; the disappointing jobless claims data from U.S. fuelled pessimism regarding the nonfarm payrolls report.
Gold rose 0.13 percent or 2.00 points to trade at 1,550.36
Among other precious metals:
- Silver rose 0.24% to trade around 26.82
- Platinum gained 0.08% to 1,523.25
- Palladium came higher by 0.52% to 728.70
On Thursday, the U.S. Labor Department said that initial jobless claims rose to 385,000 last week. U.S. private companies added fewer jobs than forecast in March according to a survey released by the ADP Employment Service.
The dollar index hovered around 82.80 after opening at 82.73, USDIX hit a high of 82.87 and a low of 82.69.
The ECB kept its monetary policy on hold for an eighth consecutive month at a record low of 0.75 percent, giving a cold hand to economists who believe the bank will cut the rate very soon.
As of 09:48(GMT+2) the euro traded at $1.29118 after opening at $1.2934. The EUR/USD pair set an intraday high of $1.2937 and low of $1.2910.
The Bank of England held fire on more stimuli on Thursday, despite speculation the BoE could announce more monetary easing. Policy makers opted to leave both interest rate and APF size unchanged at 0.50 percent and 375 billion pounds respectively.
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Gold Prices Steady Near 10 Month Low
Published 04/05/2013, 04:58 AM
Updated 07/09/2023, 06:31 AM
Gold Prices Steady Near 10 Month Low
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