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Gold heads for weekly decline as jobs data loom
By marketwatch.com
Gold for December delivery GCZ3 -1.64% dropped $23, or 1.8%, to $1,288.20 an ounce, on a path toward a fourth consecutive daily loss.
Reuters
\Gold heads for a weekly loss ahead of the U.S. jobs report.
The metal faced a weekly loss of more than 1%, which would be its first such drop in four weeks.Dollar-denominated gold came under pressure as the U.S. dollar DXY -0.01% rose against major rivals.
The greenback extended gains from Thursday when the Institute for Supply Management said its U.S. manufacturing activity index posted the best reading in more than two years. Also, applications for unemployment benefits fell last week to their lowest level since January 2008.
Gold futures on Thursday had lost $1.80, or 0.1%, on the Comex division of the New York Mercantile Exchange.
Brightening economy data raise expectations that the Fed will slow the pace of its monetary stimulus, which has been considered a drag on the dollar’s value but a boon for gold prices in recent years.
The much-anticipated U.S. jobs report for July is due at 8:30 a.m Eastern time. It’s expected to show the economy added 180,000 jobs, which would tug the unemployment rate down to 7.5% from 7.6%, according to MarketWatch survey of analysts.
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Gold gets burnished as Barrick’s reports loss
The world’s largest gold producer posts an $8 billion loss. Is the gold market in for more blows? Photo: Getty Images.A miss for the jobs report “would confirm the Fed’s worries in the latest Federal Open Market Committee minutes and in the statements made by its members,” said OANDA senior currency analyst Alfonso Esparza in a note Thursday.
“Quantitative tapering will likely be pushed to next year if the American recovery appears to be losing momentum,” Esparza said.
After its policy meeting earlier this week, the Fed slightly downgraded its economic view and didn’t offer any signals as to when it would start tapering asset purchases, currently set at $85 billion a month.
Ahead of the jobs report, silver for September delivery SIU3 -1.50% fell 10 cents, or 0.5%, to $19.52 an ounce.
September copper HGU3 +0.60% fell 1 cent, or 0.4%, to $3.15 a pound.
October platinum PLV3 -1.18% dropped $7, or 0.5%, to $1,436.80 an ounce, while September palladium PAU3 -0.02% lost $4.20, or 0.6%, to $727.65 an ounce.
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