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  • Gold stuck near 3-wk low before jobs data



    by icn.com

    Gold prices were little changed early Thursday before data shows how much momentum the world`s largest economy had been going into the government shutdown.

    The precious metals markets is moving in tight leeway again this week with cautious sentiment dominating traders while they anticipate today`s first-tier release of U.S. third-quarter GDP growth data, expected to slow a bit from the second quarter pace of 2.5%, as well as the U.S. Labor Department`s infamous jobs report due tomorrow.

    The two reports will most likely set the next tone for the market at end of the week as prices continue to hover near near its lowest in three weeks.

    Spot Gold was nearly flat at $1,317.19 an ounce at 02:42 EST, compared with yesterday`s close at $1,317.89. The day`s range so far falls between $1,315.24 and $1,320.15.

    Market participants are actually waiting to see how the economy responds to the paralysis caused by the Federal shutdown in October that took place after the period ended. The U.S. economy probably expanded 2.3% in the three months through September.

    The GDP report will be released today at 08:30 a.m. EST. simultaneously, the Labor Department will report the weekly jobless claims and probably signal that the number of Americans who have filed for unemployment benefits in the week ended Nov. 2 fell to 335 thousand from 340 thousand.

    While trading in a tight range below $1,320 level, the current consolidation is most likely another sign we might see resumption of the bullish bias, however, traders are expected to stand pat until the jobs data is out before the weekend.


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