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Gold Prices - Weekly Outlook: Oct. 29 - Nov. 2

Published 10/28/2018, 07:53 AM
Updated 10/28/2018, 07:53 AM
© Reuters.  Gold prices tally a fourth weekly rise in a row - Precious metals traders will continue to watch developments in equity markets and monitor geopolitical risks in the week ahead, after gold prices notched up a fourth week of gains, its longest winning streak since January.

Gold is often sought in times of geopolitical tension or market turbulence.

Investors will also be focusing on the monthly U.S. jobs report, due on Friday, which is expected to remain in territory consistent with a strengthening labor market.

A report on U.S. personal income and spending, which includes personal consumption expenditures (PCE) inflation figures, the Federal Reserve's preferred metric for inflation, will also capture the market's attention.

Other top-tier U.S. economic data due this week includes ADP private sector payrolls, CB consumer confidence, car sales, trade figures, construction spending and the ISM survey on manufacturing sector activity.

The Fed remains on course to raise interest rates again in December, despite a recent tightening in financial market conditions brought about by a stock market sell-off and a rise in U.S. Treasury yields.

Gold prices climbed on Friday to tally their fourth weekly gain in a row, as sharp declines in global stock markets fueled haven demand for the precious metal.

December gold futures added $3.40, or roughly 0.3%, to settle at $1,235.80 on the Comex division of the New York Mercantile Exchange, having earlier gained nearly 1% to $1,246.00, its highest since mid-July.

Gold gave back some gains after data showed the U.S. economy grew at a 3.5% annualized rate, keeping growth on track to hit the Trump administration's 3%-target this year.

The yellow metal scored a weekly increase of about 0.6%.

For the month, gold was up 3.3% on the heels of six consecutive months of declines.

Ahead of the coming week, has compiled a list of significant events likely to affect the markets.

Monday, October 29

The U.S. is to report on personal spending and the core PCE price index.

Tuesday, October 30

The euro zone is to publish preliminary data GDP.

Germany is to release data on consumer price inflation.

The U.S. is to release data on consumer confidence.

Wednesday, October 31

China is to release reports on manufacturing and service sector activity.

The Bank of Japan is to announce its benchmark interest rate and publish what will be a closely watched rate statement. The announcement is to be followed by a press conference.

The euro zone is to release preliminary data on consumer price inflation.

The U.S. is to publish the ADP nonfarm payrolls report.

Thursday, November 1

The Bank of England is to announce its latest monetary policy decision and Governor Mark Carney is to hold a press conference.

In the U.S., the Institute of Supply Management is to publish its manufacturing index.

Friday, November 2

The U.S. is to round up the week with the nonfarm payrolls report for October.

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