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Gold Shines Above $1230 Ahead Of Payroll Data

ByICN.com
Published 01/10/2014, 04:44 AM
Updated 07/09/2023, 06:31 AM

Gold rose for the second day on Friday as the dollar eased ahead of the infamous release of the US employment data for December, when the Federal Reserve announced it will start tapering stimulus.

Investors are awaiting the US non-farm payroll figure impatiently, with a consensus calling for NFP growth of around 200 thousand, but this week’s strong ADP report and ISM non-manufacturing employment index may make a consensus result a disappointment. Meanwhile, commodities inched higher in general as investors booked dollar gains and equities rallied ahead of the US jobs release.

Spot gold was up 0.50% at $1,234.14 an ounce as of 03:58 EST, compared with yesterday’s close at $1,227.98. The day’s range is so far between a session low of $1,227.55 and high of $1,237.78.

- Spot silver was at $19.79 an ounce, up by 1.10%

- Spot Platinum was at $1,424.05, up by 0.48%

- spot Palladium was at $738.70 an ounce, up by 0.31%

Investors continue to weigh on the prospects for physical demand against speculation the Federal Reserve may reduce stimulus further. Last month the Fed said it will curb its monthly bond purchases to $75 billion from $85 billion, signaling the US economy is adding more steam.

The Labor Department’s report may show payrolls rose by 197 thousand last month after the economy created 203 thousand in November. The unemployment rate is seen steady at 7% -- the least since November 2008.

The precious metal took advantage of the dollar easing from its highest in a month before the US jobs data due be released at 08:30 EST. The USDIX, which tracks the performance of the greenabck against the six-currency basket, was little changed at 81.09.

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