|12-06-2014, 06:14 PM||#1|
Gold eases ahead of U.S. nonfarm payrolls as U.S. dollar firms
Gold prices edged lower on Friday as the U.S. dollar gained some strength ahead of the jobs report, but gold prices are set to end their best week in 10 months.
Gold rebounded from a three-week low on Monday and posted its strongest one-day gain in over a year, which analysts see was a reason to bring back some buyers into the market.
Spot gold was last down 0.37% at $1202.59 per ounce, and gold futures for December delivery were down 0.31% to $1204.00 per ounce. As of 11:42 GMT
Nonfarm payrolls are due at 13:30 GMT, and analysts expected 230,000 fresh job additions in November. The unemployment rate is expected to remain at 5.8%.
This year has seen a strong run of strong labor market data in the U.S., which has increased bets the Federal Reserve will start to raise benchmark lending rates sooner than expected and sooner than other central banks.
Higher interest rates increase the appeal of interest-bearing assets against gold, and also boost the U.S. dollar, in which gold is prices, which also makes it more expensive to have. The U.S. dollar was up 0.18% against the euro at 1.23525.
Physical demand was also firm. The Istanbul Gold Exchange released data showing gold imports into Turkey increase more than 100% year on year in November to 46.9 tonnes, the strongest monthly imports in more than six years.
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