Gold moved higher during Friday sessions, while the market awaits the US non-farm payrolls data.
A reading of 220,000 is forecast, down from the June reading of 223,000. This number could prove fundamental to the Fed’s thinking on when to raise rates from near-zero levels.
“A strong number will provide the Fed with one more piece of evidence that the economy is indeed ready for its first rate increase,” Edward Meir, INTL FCStone analyst, said.
The spot gold price was last at $1,095/1,095.8 per ounce, up $5.50 on the previous close. Trade has ranged from $1,087.6 to $1,097.7 so far.
“Given that the spec positioning has deteriorated remarkably since June while the market appears to be technically oversold in the near term, it seems to us that shorts are beginning to run out of steam and are currently not inclined to take on additional positions, which increases the likelihood of a short-covering rally, especially in case of weaker-than-anticipated US employment report,” Boris Mikanikrezai, FastMarkets analyst, said.
Silver was little changed at $14.78/14.83. Platinum at $954/959 climbed $5 and palladium at $600/605 was $4 higher.
The post Gold edges higher, market awaits US employment report appeared first on The Bullion Desk.
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