Gold firms ahead of jobs data but eyes worst week this year

Kuwait Times - - BUSINESS -

Gold edged higher yes­ter­day ahead of US non­farm pay­rolls data but re­mained on track to slide nearly 5 per­cent this week af­ter a jump in the dol­lar pushed it through ma­jor price chart lev­els. A crash in the pound sent gold priced in ster­ling to a three-month high.

Spot gold was at $1,255.91 an ounce at 1135 GMT, up 0.1 per­cent, while US gold fu­tures for De­cem­ber de­liv­ery were up $5.30 at $1,258.30. Gold has fallen for the last eight ses­sions, hit­ting its lowest since early June on Thurs­day. The dol­lar in­dex posted its big­gest weekly rise since Novem­ber this week af­ter up­beat US jobs and man­u­fac­tur­ing data re­in­forced ex­pec­ta­tions the Fed­eral Re­serve would lift in­ter­est rates this year.

That pres­sured gold, and its down­ward move ac­cel­er­ated as it slipped through $1,300 an ounce, which has un­der­pinned prices since Bri­tain’s vote to leave the Euro­pean Union in June. “The sta­bi­liza­tion we see now is be­cause play­ers don’t want to push it fur­ther ahead of the US em­ploy­ment re­port,” Ge­or­gette Boele, an an­a­lyst at ABN Amro, told the Reuters Global Gold Fo­rum. “If it comes in strong and Fed speak­ers are hawk­ish the move will be restarted.” — Reuters

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