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Gold In Tight Range Ahead Of October NFP Numbers

ByICN.com
Published 11/08/2013, 04:29 AM
Updated 07/09/2023, 06:31 AM

Gold was hovering in a narrow range early Friday, as market junkies anticipated one of the lowest non-farm payroll numbers of the U.S. economic recovery.

The bullion market fell yesterday as the U.S. dollar jumped in the wake of the European Central Bank`s surprise cut rate, but now the precious metal is heading for a second straight weekly loss after strong U.S. economic growth fueled fears the U.S. Federal Reserve may start winding down its monthly $85 billion bond purchases this year.

Spot Gold was up 0.20% around $1,310.20 in the late morning hours in Asia, little changed from yesterday`s close at $1,307.63. The day`s range is so far between $1,306.28 and $1,311.84.

Fluctuations extend at the end of the week but the trading range remains quite slim ahead of the October NFP numbers, expected to to be one of the lowest of the recovery, at 120 thousand according to median forecast. However, prices continue to recover some of the losses today.

Third-quarter gross Domestic Product (GDP) expanded at a 2.8% annual rate in the third quarter, up from 2.5% growth in the second quarter.

The Labor Department`s infamous jobs report may show today that U.S. employers added 120 thousand workers last month after a 148 thousand gain in September. October looks to be a difficult month to sift through because the government shutdown.

The ECB`s shocking rate slash yesterday as well France`s credit rating cut by Standard & Poor`s today , hurt the euro agaisnt the dollar, which fueled a selloff in the bullion market yesterday and through morning trade in Asia.

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