Precious Metals
Gold edged lower on Friday as the market nervously awaited US nonfarm payrolls data, heading for its longest weekly losing streak in more than six months as equities firmed and optimism grew about the US economy.
Investors in gold, often seen as a hedge against economic uncertainty, are eyeing the US jobs report - due later on Friday - to gauge the strength of the economy and any potential impact on the Federal Reserve's stimulus measures. A weak report could boost gold's appeal as a safehaven, while a strong report could prompt speculation that the Fed will lift rates earlier than previously expected.
Median forecasts are for a rise of 200,000 in payrolls. "If payrolls fall short of the 200,000 mark, that would potentially support gold prices. Though it is unlikely prices will break above $1,300," said Joyce Liu, an analyst at Phillip Futures. "But if it's a strong report, we will definitely see some downside and potentially break below $1,276."
Spot gold slipped 0.05 per cent to $1,286.39 an ounce by 0708 GMT. The metal is down 0.5 per cent for the week, on track for a third straight weekly loss. That would be its longest weekly losing stretch since August-September. Prices were trading in a tight $3.86 range - the smallest trading band since Dec. 25.
D A I L Y B U Z Z
GOLDGold edged lower on Friday as the market nervously awaited US nonfarm payrolls data, heading for its longest weekly losing streak in more than six months as equities firmed and optimism grew about the US economy.
Investors in gold, often seen as a hedge against economic uncertainty, are eyeing the US jobs report - due later on Friday - to gauge the strength of the economy and any potential impact on the Federal Reserve's stimulus measures. A weak report could boost gold's appeal as a safehaven, while a strong report could prompt speculation that the Fed will lift rates earlier than previously expected.
Median forecasts are for a rise of 200,000 in payrolls. "If payrolls fall short of the 200,000 mark, that would potentially support gold prices. Though it is unlikely prices will break above $1,300," said Joyce Liu, an analyst at Phillip Futures. "But if it's a strong report, we will definitely see some downside and potentially break below $1,276."
Spot gold slipped 0.05 per cent to $1,286.39 an ounce by 0708 GMT. The metal is down 0.5 per cent for the week, on track for a third straight weekly loss. That would be its longest weekly losing stretch since August-September. Prices were trading in a tight $3.86 range - the smallest trading band since Dec. 25.
