Singapore – Spot gold hovered around $ 1,370 on Friday, as investors await a key U.S. employment data later in the day report for clues on the health of the economy as the dollar traded company.
Some economists raised their forecasts after Thursday ADP report showed a surprise jump in private jobs number for December. A Reuters poll showed that payrolls probably increased by 175,000 in December, revised upward from 140,000.
“Gold is likely to consolidate ahead of non-farm payrolls data,” said Darren Heathcote, head of trading at Investec Australia.
“If we see a weaker number, it would be negative for the dollar and positive for gold. Unless the number is much stronger than expected, probably not much we move in gold prices to see.”
But some analysts said the non-farm payrolls number is not
always correlated with the ADP figures, and the dollar could
face some downside risks as the data was not as strong.
The dollar has been gains on Friday, while the euro
fell to its lowest in almost four months against the dollar
growing concern about the debt problems spread to the
wider euro zone.
Gold was little changed at $ 1,370.35 an ounce
by 0344 GMT, posing for a 3.5 percent loss from the previous
week, the biggest weekly loss since late May
U.S. gold futures were little changed at $ 1,370.4.
A bearish target at $ 1,355 per ounce is unchanged for spot
gold as a downward wave “5″ is not ready yet, said
Wang Tao, a Reuters analyst. [ID: nL3E7C701A]
For a 24-hour technical perspective gold:
here
Physical buying in Asia continued to support such
jewelers, bullion traders and investors are lured by the
current prices, about $ 60 below the record high of
$ 1,430.95 touched nearly one month ago.
“There is a strong buy on the physical market in Asia. People
are still looking for a good trend this year, “said Ronald
Leung, a dealer at Lee Cheong Dealers in Hong Kong.
But buyers were a bit cautious ahead of key data
release, which is expected to give a clear direction to the
market.
“Customers are waiting for prices to go even lower than
they buy the dip “, said half of Hong Kong dealer.
Spot silver sharp fall of 0.3 percent to $ 28.96, on
Of course for a decrease of 6.1 percent per week, the largest since
early July.
Companies in the world’s largest silver-backed
Exchange Traded Funds, iShares Silver Trust, was
a steady decline since it hit a record high of 10,964.14
ton on December 14 It slipped to 10,892.87 tons by January 6.
Spot palladium slid down 0.1 percent to $ 757.47,
line for a 5-percent weekly drop, after prices nearly
doubled in 2010.
Prices for precious metals 0344 GMT
Metal Last update Pct YTD CHG CHG Revenue pc
Gold 1370.35 -0.80 -0.06 -3.46
Spot Silver 28.96 -0.08 -0.28 -6.16
Spot Platinum 1726.24 -2.76 -0.16 -2.33
Spot Palladium 757.47 -1.03 -0.14 -5.26
TOCOM Gold 3685.00 -7.00 -0.19 -1.18 31934
TOCOM Platinum 4693.00 -2.00 -0.04 -0.06 7166
TOCOM Silver 78.10 -0.70 -0.89 -3.58 1114
TOCOM Palladium 2050.00 -28.00 -1.35 -2.24 330
Euro / Dollar 1.2998
Dollar / Yen 83.33
TOCOM prices in yen per gram. Spot prices in $ per ounce.
source:bussinessweek
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