The gold price was stuck trading around one month lows during Friday’s early morning sessions as investors prefer to wait on the sidelines ahead of the blockbuster US non-farm payroll data, set for release today.
Spot gold was last at $1,176.70/1,177.50 per ounce, virtually unchanged from the previous day’s close of $1,176.40.
The key focus today will be the non-far, payroll data, which is forecast at 222,000.
“The sluggish action and corresponding price decline for bullion may have been due to investor positioning ahead of the nonfarm payrolls report,” James Steel at HSBC said.
It is thought that a lower-than-expected number would be viewed as positive for gold, while a stronger-than-anticipated number would be gold negative.
Meanwhile, Greece has delayed its payment of 300 million euros, which was set to be paid today. Instead the country said it will bundle all four of its June payments together, with a payment of 1.5 billion euros now set for June 30.
“With investor sentiment for gold so weak gold prices may well continue lower, but we do feel this is leading to a better buying opportunity and given developments in Greece and with potential for corrections in other asset classes, it may not be too long before the markets start looking for a safe-haven again,” FastMarkets analyst William Adams said.
In other data, French trade balance data was positive at -3.0b, while German factory orders were also above expectations at 1.4 percent. Later, the US is set to release its unemployment rate, average hourly earnings and consumer credit.
Silver at $16.15/16.20 was little changed from the previous $16.12. Platinum at $1,096/1,101 was down $3 and palladium at $753/759 was up $1.
The post Gold price stuck at one-month lows ahead of key US data appeared first on The Bullion Desk.
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