The gold price continued lower in afternoon trading while the dollar pared some of its earlier losses and investors remained sidelined ahead of tomorrow’s US jobs report.
Spot gold was last $8 lower at $1,183.80/1,184.60 per ounce, having traded within a $15 intraday range. Silver fell 19 cents to $16.32/16.37 per ounce, platinum dropped $10 to $1,131/1,136 and palladium was down $2 at $786/791.
“Prices have come back under pressure however amid a recovery in the dollar and uncertainty ahead of Friday’s nonfarm payroll figures,” Standard Bank’s Leon Westgate said.
The dollar rebounded to 1.1282 against the euro after US weekly jobless claims of 265,000 cvame better than the forecast 277,000.
Still, many participants are hanging fire ahead of Friday’s blockbuster US jobs report, which is forecast at 231,000 in April after an unusually weak reading of 126,000 in March.
The data may provide clues on when the US Federal Reserve will begin to normalise monetary policy, particularly as the Fed recently shifted its stance almost exclusively to data dependency, citing in particular jobs and inflation data.
In other data today, French industrial production came in worse than expected at -0.3 percent, as did the trade balance at -4.6 billion euros. The retail PMI for the entire eurozone was the strongest since July 2014 at 49.5, however.
(Editing by Mark Shaw)
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