Please try another search
Gold gains in Asia
Investing.com - Gold prices rose in Asia on Friday with US nonfarm payrolls key for the precious metal and a reading of 190,000 new jobs added in December expected today.
Gold futures for February delivery on the Comex division of the New York Mercantile Exchange rose 0.12% to $1,323.20 a troy ounce.
Overnight, gold prices moved off session lows shrugging off the prospect of further Federal Reserve rate hikes amid upbeat labor market data pointing to underlying strength in the US economy.
The recent rally in gold futures came under pressure amid investor concerns that continued upbeat US economic data could strengthen the case for the Fed to raise rates more than currently priced in.
Private payrolls grew by 250,000 for December, a sharp increase from the 185,000 private jobs created in the previous month, according to a report released Wednesday by ADP and Moody's Analytics. That beat economists’ forecast of 191,000.
In a rising interest rate environment, investor appetite for gold weakens as the opportunity cost of holding the precious metal increases relative to other interest-bearing assets such as bonds.
Losses in gold, however, were capped by a continued slump in the greenback as it struggled to rebound from three-month lows.
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.