|12-06-2014, 06:14 PM||#1|
Gold holds steady, focus on US jobs data
Gold prices held steady on Friday ahead of the US jobs data later in the day, to remain above $1,200.
Investors are looking forward to today’s jobs report for November, where it’s expected that 230 thousand jobs will be added compared to the previous report of 214 thousand jobs. Moreover, unemployment rate is expected to remain steady at 5.8%.
The yellow metal will face a crossroad if jobs data came contrary to the expectations, where prices will push higher if there was negativity in the labor sector, otherwise, it will pressure the metal.
If the report came in line with the expectations, gold prices will remain in a state of stability around its current levels.
Spot gold traded around $1204 an ounce at 10:53 GMT, consolidating at the entry levels and focusing on the anticipated jobs report in the coming hours.
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