Sunday, December 10, 2023
Homemetal commoditiesGold ends higher after two-day drop; US jobs eyed

Gold ends higher after two-day drop; US jobs eyed

Gold settled higher on Thursday after two days of losses as the dollar index retreated from seven-week highs, but moves were muted as traders took to the sidelines ahead of a report on the U.S. jobs market on Friday.

Monthly non-farm payrolls data for December are being watched for clues on the timetable for further tapering of U.S. monetary stimulus, traders said. Weekly U.S. jobless figures on Thursday could also prompt moves in gold.

Spot gold rose 0.2 percent to $1,228 an ounce, while U.S. gold futures for February delivery settled $3.90 higher at $1,229.40 an ounce.

Chart: Precious Metals

The metal has risen nearly 2 percent this month as stock markets corrected and Chinese consumers bought ahead of the Lunar New Year, but its early strength has waned as European stocks rebounded to 5-1/2 year highs.

Prices hit a one-week low after Wednesday's ADP private sector jobs report lifted expectations that the Federal Reserve will curb its bond-buying scheme sooner rather than later after opting to cut monthly purchases by $10 billion in December.

For more information on precious metals, please click here.


Most Popular