Gold Futures Scored Modest Gains in the Domestic Market

Bullions Tips - Gold futures scored modest gains in the domestic market on Wednesday as investors and speculators booked fresh positions in the metal tracking a bullish trend in the overseas market as a sell-off in global equities, coupled with a weaker dollar bosst the appeal of the bullion as an alternative asset.

Weaker greenback makes the yellow metal cheaper for those holding other currencies, thus boosting demand.  However, the gains in the bullion were trimmed by fears that plummeting oil prices may further weaken global inflationary pressures, denting gold’s appeal as an inflation hedge; while rising speculation of a US Federal Reserve interest rate hike next week, the first in almost a decade, also curbed the bullion’s appeal as a store of value.
 

Analysts expect the world’s biggest central bank which meets on December 15 & 16, to finally the exit the era of zero interest rates. Gold may trade on a cautious note today ahead of the weekly jobless claims data which may offer further cues over the health of the labour market of the world’s biggest economy.
 

At the MCX, Gold futures for February 2016 contract closed at Rs 25,602 per 10 gram, up by 0.30 per cent after opening at Rs 25,530, against the previous closing price of Rs 25,526. It touched the intra-day high of Rs 25,747.

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Yellow Metal Regains Some lost Luster

Gold Update - Gold futures were trading higher in the domestic market during noon trade on Tuesday as investors and speculators booked fresh positions in the precious metal tracking positive cues from the overseas market, where the bullion regained some bite even as it suffered the biggest monthly percentage loss since 2013, falling nearly 7 per cent in November as fears that the US Fed may raise interest rates in the near-term dimmed the lure for Gold as a store of value.

The focus this week is on US jobs data for November, Fed Chair Janet Yellen’s speech, both of which may offer further cues over the likelihood of a mid-December rate hike, while the ECB policy decision is also being eyed.

At the MCX, Gold futures for December 2015 contract is trading at Rs 25,177 per 10 gram, up by 0.43 per cent after opening at Rs 25,183, against the previous closing price of Rs 25,069. It touched the intra-day high of Rs 25,218.

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Bullion Hits Reverse Gear on Fed Rate Hike Bets

 Gold futures ended lower in the Local market on Wednesday as investors and speculators exited positions in the precious metal as Fed Chair Janet Yellen’s remarks overnight in which she signaled that a December interest rate hike was a “live possibility weighed on the Bullion which becomes less attractive in a rising interest rate scenario.
 

Federal Reserve Chair Janet Yellen signaled that borrowing costs may be raised before the end of 2015 amidst a strengthening US labour market recovery, curbing the lure for Gold as a store of value and boosting the dollar which made the bullion more expensive for those holding other currencies.
 

Fed Vice Chairman Stanley Fischer stressed that inflation wasn’t too far below the central bank’s goal while New York Fed President William Dudley echoed Yellen’s remarks over a rate lift-off in December if economic data continued to remain strong.
 

Private payrolls in the US climbed 182,000 in October, following a revised 190,000 in September, and beating forecasts for an 180,000 gain, signaling a strengthening US labour market recovery that bolstered the case for policy tightening for the first time in almost a decade.  Gold futures may trade on a cautious note today as investors remain jittery ahead of Friday’s US non-farm payrolls data.
 

At the MCX, Gold futures for December 2015 contract closed at Rs 25,771 per 10 gram, down by 0.58 per cent after opening at Rs 25,940, against the Before closing price of Rs 25,922. It touched the intra-day low of Rs 25,732.

 

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Gold futures Ended lower in the Domestic Market on Thursday

Gold futures ended lower in the domestic market on Thursday after minutes from the Federal Reserve’s September policy-setting meeting showed that central-bank officials held off on an interest-rate hike because downside risks had climbed. That implied the central bank may further delay raising rates, which is supportive for gold. Some of the selling may have been due to Chinese traders taking some profits on the recent strength in gold, following the end to the country’s “Golden Week” holiday. A reading of U.S. weekly jobless claims, which showed that the number of people applying for unemployment benefits marked its lowest level since mid-July, did little to change gold’s downward slide Thursday. At the MCX, Gold futures for December 2015 contract closed at Rs 26,446 per 10 gram, down by 0.41 per cent after opening at Rs 26,501, against the previous closing price of Rs 26,555. It touched the intra-day low of Rs 26,337.
 

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Gold Notched up Impressive Gains in the Domestic Market

The yellow metal notched up impressive gains in the domestic market on Monday as investors and speculators booked fresh positions in Gold as tepid US jobs data for September pushed back bets of a hike in interest rates by the US Federal Reserve, bolstering the lure for the bullion as a store of value.

American employers added fewer than expected jobs in September while wages grinded to a halt and factory orders fell in August, a sign that the global financial rout has reached the shores of the US economy, prompting the case for the Fed to delay tightening policy until next year.

Non-farm payrolls in the US advanced by 142,000 in September, following a downwardly revised 136,000 gain in August from 173,000 reported earlier, while wages were little changed.

Further, hopes that China may announce fresh policy easing to stem a worsening slowdown in the world’s second biggest economy following a reduction in the country’s growth estimates by the World Bank also augured well for gold, a hedge against the inflationary risk of monetary stimulus.

Gold futures may extend a rally today amid bets that global monetary policy may remain accommodative to prop up sluggish growth.

At the MCX, Gold futures for Oct 2015 contract closed at Rs 25,953 per 10 gram, up by 0.70 per cent after opening at Rs 26,173, against the previous closing price of Rs 25,773. It touched the intra-day high of Rs 26,201.

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Gold News Updates

Gold futures snapped a rally on Tuesday as a sharp rebound in the dollar made the precious metal less attractive for those holding other currencies.The yellow metal plunged to end at near a one-week low in the overseas market on Tuesday as a stronger greenback dimmed the lure for the bullion as an alternative asset.Worries over China eased a bit after the country’s central bank unleashed fresh monetary stimulus to help revive confidence among investors and arrest a steep rout in equities and help prevent the world’s second biggest economy from falling off a cliff, curbing the appetite for Gold as a safe haven asset. China cut interest rates by 25 basis points with the key lending rate now at 4.6 per cent while the bank reserve ratio was slashed by 50 basis points.

Meanwhile, mostly upbeat US economic data including a surge in July new home sales, solid services growth in August and a jump in consumer confidence this month signaled the strong progress made by the world’s biggest economy, backing up the case for an uptick in interest rates by the Fed sometime this year, dimming the appeal of Gold as a store of value.Gold may rebound today as markets in China extended the steepest four-day rout since 1996 despite fresh policy easing measures.

At the MCX, Gold futures for October 2015 contract closed at Rs 26,740 per 10 gram, down by 2.60 per cent after opening at Rs 27,300, against the previous closing price of Rs 27,448. It touched the intra-day low of Rs 26,662.

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The Yellow Metal Sizzled On Thursday

The yellow metal sizzled on Thursday, advancing nearly 2.5 per cent as Gold regained its safe haven appeal amid a flight from risky assets as investors fret over the health of the global economy with China mired in a steep slowdown while emerging market currencies nosedive.

Stocks from Asia to Europe and the US nosedived on Thursday as deepening concerns over slowing global growth unnerved traders, souring sentiment in equities and risky emerging market assets, boosting the safe haven demand for the precious metal. Citigroup cut its global economic growth forecast for 2015 for a third time to 3.1 per cent from 3.3 per cent amid currency weakness and China slowdown woes.

A weaker dollar also boosted the demand for Gold as an alternative asset. Weaker greenback makes the bullion cheaper for those holding other currencies, thus bolstering demand.

Dovish FOMC minutes suggested the case for a slight pushback in the policy tightening timetable in the US amidst weakness in inflation, bolstering the lure for the Bullion as a store of value.

While the Fed stressed that conditions which warrant rate tightening are approaching, policymakers are seeking more evidence of a pickup in economic growth and labour markets and need more confidence that inflation is moving towards the required goal, before deciding a lift-off in interest rates for the first time since 2006.

Gold may extend a rally today as a worsening China manufacturing slump and a steep slide in Asian stocks which hit a 17-month low spur safe haven demand.

At the MCX, Gold futures for October 2015 contract closed at Rs 26,849 per 10 gram, up by 2.49 per cent after opening at Rs 26,200, against the previous closing price of Rs 26,196. It touched the intra-day high of Rs 26,874.

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Bullion Regains its Polish on Fed Speculation

Gold futures rallied by more than 1 per cent in the domestic market on Monday as investors and speculators booked fresh positions in the expensive metal throughout speculation that the US Federal Reserve may refrain from raising interest rates in September following the turmoil caused by the depreciation of the Yuan which threatens to cause more global instability and strengthen the dollar, bolstering the lure for the bullion as a store of value.Further, manufacturing in New York City contracted at the fastest pace since the Great Recession, in August while gains in US producer prices slowed in July, bolstering the case for the Fed to delay tightening of interest rates which have been on hold since 2006.Further, China increased its bullion reserves by more than 19 tonnes in July, the country’s central bank revealed, signaling a pickup in demand for the yellow metal in the world’s second biggest bullion consumer. China’s gold reserves at the end of July stood at 1,677.30 tonnes, up by 1.16 percent from June's 1,658 tonnes.Meanwhile, a contraction in Japan’s economy signaled the fast growing gloom surrounding the world economy, boosting the safe haven demand for the bullion. The world’s third biggest economy shrank at an annualized pace of 1.6 per cent in the April-June 2015 quarter.Gold may trade on a cautious note today as traders eye the minutes from the Fed’s latest meet set for release tomorrow.

 

At the MCX, Gold futures for October 2015 contract closed at Rs 26,032 per 10 gram, up by 1.02 per cent after opening at Rs 25,880, against the previous closing price of Rs 25,768. It touched the intra-day high of Rs 26,087.

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Bullion Update - Yellow metal loses its polish on Fed rate

Gold futures ended lower on Friday as a stronger dollar cut the demand for the precious metal as an alternative asset while upbeat US economic data fueled speculation of the Federal Reserve moving closer to raising interest rates for the first time in nine years, curbing the lure for the bullion as a store of value.Stronger greenback makes Gold more expensive for those holding other currencies, thus dimming demand.US producer prices rose for the third month on the trot, up by 0.2 per cent in July from June, while American factories boosted production at a swifter pace in July, signaling a pickup in the world’s biggest economy, bolstering the case for policy tightening in the near term.Meanwhile, gains in equities signaled a return of risk taking appetite as concerns over China eased after the People’s Bank of China raised the Yuan’s reference rate by 0.05 per cent following three devaluations of over 1 per cent each earlier in the week, dimming the safe haven appeal for Gold.
 

The bullion may extend a slide today as traders weigh the chances of a possible interest rate hike by the Fed in September amidst a return to calm at currency markets after China’s policymakers helped stabilize the currency following a severe rout last week.
 

At the MCX, Gold futures for October 2015 contract closed at Rs 25,768 per 10 gram, down by 0.49 per cent after Starting at Rs 25,825, against the previous closing price of Rs 25,895. It touched the intra-day low of Rs 25,740.

 

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Todays Updated Post Of Gold for the Market lovers

The yellow metal extended an advance on Tuesday as China’s currency devaluation by the most in two decades sparked an emerging market currency rout, while taking toll on metal & energy commodities and hitting stock markets across the globe, fueling safe haven inflows into the bullion. The People’s Bank of China cut its daily reference rate by a record 1.9 per cent, prompting the biggest slide in the yuan since January 1994. The surprise devaluation followed dismal data over the weekend that showed that China’s overseas shipments fell 8.3 per cent in July 2015 from the same month a year ago in dollar terms, more than reversing a 2.8 per cent increase in June, while imports fell 8.1 per cent. Further, the China Yuan devaluation lowered bets that the US Federal Reserve will raise interest rates in September amidst heightened global financial volatility coupled with plunging commodity prices which will keep inflation benign, bolstering the lure for the bullion as a store of value. Gold may continue to benefit from safe haven demand today as China devaluated the yuan for a second day.

At the MCX, Gold futures for October 2015 contract closed at Rs 25,426 per 10 gram, up by 1.21 per cent after opening at Rs 25,150, against the previous closing price of Rs 25,122. It touched the intra-day high of Rs 25,529.

 

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Gold futures succumbed to modest losses

Gold futures succumbed to modest losses in the domestic market on Wednesday as investors and speculators exited positions in the precious metal as a stronger dollar curbed the lure for the bullion as an alternative asset.Powerfull greenback makes Gold more prifitable for those holding other currencies, thus dimming demand.While the US Federal Reserve stuck to record low interest rates, it offered an upbeat view of the world’s biggest economy, thus remaining on course for rate tightening later this year, dimming the appeal of the bullion as a store of value. The Fed stressed that job gains had been solid, while dropping the modifier “somewhat” from its description of the decline in labour market slowly, keeping the Gates open for a trek in borrowing costs for the first time Ago 2006, this year.Even as the FOMC refrained from giving markets, a Fair signal of the period of the interest rate lift-off, the world’s biggest central bank has says that the decision would be “data dependent”, subjets that if the economy progressed to improve on expected lines i.e. the labour market shows some further improvement and the Fed is reasonably confident that inflation is moving back to the 2 per cent goal, then policy tightening will be justified probably as early as September or later this year.Gold may trade on a cautious note today ahead of the Q2 US GDP data set for release today which may show that the American economy expanded at an equalized rate of 2.5 % following a 0.2 % contraction in the March quarter.
                       At the MCX, Gold futures for August 2015 contract closed at Rs 24,720 per 10 gram, down by 0.13 per cent after cracking at Rs 24,778, against the previous closing price of Rs 24,752. It touched the intra-day low of Rs 24,691.

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Gold updates for fresh wednesday

The yellow metal on Tuesday, fell prey to widespread caution among traders, as Gold futures registered significant losses with all eyes glued to the outcome of the two-day US Federal Reserve policy meet late Wednesday, in which the world’s top central bank is likely to offer some cues over the timing for a maiden interest rate lift-off since 2006.Fed Chair Janet Yellen indicated recently that the FOMC is likely to raise rates at some point in 2015, curbing the lure for Gold as a store of value as the precious metal, which doesn’t earn any interest, loses out against competing assets.Many anticipate that the ongoing July meet would be the last before the Fed begins a planned lift-off in interest rates most likely from September.While China’s stocks extended a rout, Wall Street rebounded on Tuesday as better than estimated corporate

earnings bolstered sentiment, curbing some of the safe haven appeal for the bullion.Modest gains in the dollar also dimmed the appeal of the precious metal as an substitudenal asset. Stronger greenback makes Gold more expensive for those holding other currencies, thus curbing demand.Gold may extend losses today as traders play safe ahead of the FOMC policy meet outcome late Wednesday.At the MCX, Gold futures for August 2015 contract closed at Rs 24,752 per 10 gram, down by 0.59 per cent after cracking at Rs 24,799, against the end closing price of Rs 24,899. It touched the intra-day low of Rs 24,701.

 

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Gold logged impressive gains in the domestic market

The Bullion logged impressive gains in the domestic market on Monday as investors and speculators booked fresh positions in the precious metal as a weaker dollar boosted the demand for Gold as an alternative asset.Powerless greenback makes Gold lowcost for those holding other currencies, thus bolstering demand.Further, a steep sell-off across markets in Asia and the US also boosted the lure for Gold as a safe haven asset. Shares in mainland China sank 8.5 per cent, the biggest one-day drop since 2007 on concerns over weakening economic growth.However, an upbeat US durable goods orders report with capital equipment orders bouncing back into positive terrain in June signaled improving health of the world’s biggest economy, bolstering the case for the US Federal Reserve to start considering an exit from its easy money policy, dimming the lure for Gold as a store of value, trimming gains in the bullion.Gold futures may trade on a cautious note on Tuesday as the US Federal Reserve begins a two-day meet today, wherein it may offer some cues over the timing to raise interest rates for the first time since 2006. At the MCX, Gold futures for August 2015 contract closed at Rs 24,899 per 10 gram, up by 0.68 per cent after cracking at Rs 24,830, against the ending price of Rs 24,731. It touched the intra-day high of Rs 25,018.

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yellow metal ended little changed in the domestic market

The yellow metal ended little changed in the domestic market on Friday as traders stuck to a cautious stance ahead of the US Federal Reserve’s highly anticipated two-day monetary policy meet beginning this Tuesday where the world’s top central bank may offer fresh cues over when it plans to raise interest rates in the world’s biggest economy for the first time since 2006.Strengthening labour market amid payrolls gains topping 200K over the past several months and signs of a pickup in inflation have raised bets of an interest rate lift off in September, curbing the lure for the bullion as a store of value.However, plunging stock markets supported Gold’s appeal as an alternative asset. Wall Street succumbed to heavy losses on Friday with the Dow Jones Industrial Average posting its worst week since January as a China factory slump hit biotechnology & raw material producers, while gloomy earnings from technology giants also marred sentiment.Gold may trade on a discreet note today as traders stay on the sidelines ahead of the FOMC meet this week and the release of US Q2 GDP numbers on Thursday.At the MCX, Gold futures for August 2015 contract closed at Rs 24,731 per 10 gram, down by 0.01 per cent after cracking at at Rs 24,559, against the previous ending price of Rs 24,734. It impressed the intra-day low of Rs 24,451.

 

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Yellow metal snaps losing streak on dollar weakness

Gold futures scripted a rebound in the domestic and overseas market on Thursday as the recent sharp run of losses in the precious metal amid the Gold’s loss of appeal as a store of value on fears over a US interest rate hike and diminishing safe haven demand on waning Greek and China worries, offered investors and speculators, a good bargain buying opportunity in the yellow metal, at existing levels.Further, a weaker dollar also boosted the demand for Gold as an alternative asset. Weaker greenback makes Gold cheaper for those holding other currencies, thus bolstering demand.However, better than expected US labour market data which showed a slump in applications for jobless benefits to a four-decade low bolstered the case for the US Federal Reserve to start raising interest rates for the first time since 2006, in the coming months, dimming the yellow metal’s lure as a store of value, capping gains in Gold futures.The bullion today may come under renewed selling pressure amidst worries over Fed rate tightening and caution ahead of key US economic data including new home sales for June and July manufacturing data.

At the MCX, Gold futures for August 2015 contract closed at Rs 24,951 per 10 gram, up by 0.30 per cent after opening at Rs 24,987, against the previous closing price of Rs 24,877. It touched the intra-day high of Rs 25,113.

 

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Gold News - " Yellow metal extends steep slide"

Gold futures extended a decline in the domestic market on Wednesday as robust US housing data signaled the improving health of the world’s biggest economy, bolstering the case for the US Federal Reserve to begin a lift-off in interest rates for the first time since 2006, curbing the lure for the bullion as a store of value.Sales of existing homes in the US surged to the highest level in eight years, up by 3.2 per cent to a 5.49 million annual pace in June 2015.Gains in the dollar also limited Gold’s demand as an alternative resource .Stronger greenback makes Gold more costly for those holding other currencies, thus lower demand.A rout in other commodities including metals and oil has signaled lower global inflation, dampening gold’s appeal as an inflation hedge.Further, a return to calm at global financial markets with Grexit safely averted and China’s stock markets bouncing back after a rout earlier this month has hit the bullion’s safe haven lure.Gold may trade on a cautious note today as traders eye key US data including the weekly jobless claims numbers and leading index data for June which will offer cues over the growth in the world’s biggest economy.At the MCX, Gold futures for August 2015 contract closed at Rs 24,677 per 10 gram, down by 0.88 per cent after cracking at Rs 24,811, against the endi closing price of Rs 24,897. It touched the intra-day low of Rs 24,572.

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" Gold may script a small rebound today "

 Against the backdrop of worries over a near-term Fed rate hike, ebbing safe haven demand and a roaring greenback, the yellow metal extended losses from a five-year low, tanking nearly 2 per cent in the domestic market on Monday.Holdings in bullion-backed exchange traded funds fell to the lowest level in nearly seven years, signaling Gold’s fast dimming investment appeal. Assets in the SPDR Gold expectation , the biggest Gold-backed replaced traded fund slumped to the lowest level since September 2008 when the collapse of Lehman Brothers triggered the Great Recession.Hypothesis that the US Federal Reserve will boost interest rates for the first time since 2006, in the coming months as inflation shows signs of picking up and the labour market improves, hurt Gold’s appeal as a store of value, while firing up the dollar, and hence curbing the lure for the bullion as an alternative asset.Atletic greenback makes Gold more profitable for those holding other currencies, thus dimming demand.Meanwhile, easing fears over Greece also cut Gold’s safe haven demand as Greek banks opened following a three-week shutdown while the country made a 2 billion euro repayment to the IMF.Gold may writing a small revive today as steep losses in previous sessions may trigger bargain buying in the metal.At the MCX, Gold futures for August 2015 contract closed at Rs 25,034 per 10 gram, down by 1.82 per cent after opening at Rs 25,475, against the previous closing price of Rs 25,498. It touched the intra-day low of Rs 24,904.

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MCX Commodity Tips ~ Gold, Silver, Copper, Crude Oil Updates Today 10 April 2013

Gold eased at the domestic bullion market today on further selling from stockists and investors and subdued retail buying, mainly influenced by bearish global trend. Silver ended stable amidst thin activity. Standard gold of 99.5 per cent purity fell by Rs 100 to finish at Rs 29,300 per 10 grams from Monday's closing level of Rs 29,400. 

Pure gold of 99.9 per cent purity also slid by a similar margin to conclude at Rs 29,450 per 10 grams from Rs 29,550. Silver ready (.999 fineness) quoted steady at its previous level of Rs 52,500 per kilo. At the global front, gold declined on strong dollar as well as continued outflows from exchangetraded funds (ETF) put pressure on the metal. 

In New York, gold for June delivery slipped USD 3.40 to USD 1,572.50 an ounce on the Comex division of the NYMEX late yesterday. Silver for May contract went down 8 cents to USD 27.14 an ounce.

Brent crude futures rose above $105 per barrel on Tuesday after data showed China's inflation in March was slower than expected, giving its central bank room to keep monetary policy easy and supportive of oil demand in the world's second-biggest consumer. 

Oil prices were also underpinned by worries over increasing tension in North Korea and a stalemate in talks between Iran and Western nations. Front-month Brent futures rose 55 cents to $105.21 per barrel by 0445 GMT, after moving in a $2-range and finishing 0.5 percent higher in a choppy session on Monday. 

U.S. crude futures rose 31 cents to $93.67 per barrel. Brent may trade between $103 and $110 per barrel in coming weeks, LeBrun added. 

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MCX Commodity Tips ~ Gold, Silver, Copper, Crude Oil Updates Today 08 April 2013

Gold edged higher on Friday, as the dollar cut earlier gains against the euro and the yen and European shares dropped as investors anticipated potentially weak U.S. non-farm payrolls data. 

The metal matched a similar pattern in other commodities, such as copper, further recouping heavy losses seen in the previous session, as investors refrained from taking large bets. 

An improving growth trend in the United States has been a key driver for investors taking on more risk this year, but weaker-than-expected data this week on manufacturing activity and private sector hiring has suggested the momentum might be flagging. 

Select base metal prices dropped further at the non-ferrous metal market here today on consistent stockist selling amidst weak demand from industrial users on back of lower London 

Metal Exchange (LME) cues. Meanwhile, zinc and lead prices edged-up on better offtake from consumer industries. 

Copper cable scrap and copper wire bar both declined by Rs 3 per kg each to Rs 474 and Rs 502 from Rs 477 and Rs 505. 

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MCX Commodity Updates ~ Gold, Silver, Copper, Crude Oil Tips Today 05 April 2013

Gold fell for a fourth day on Friday, holding near its lowest point since May last year, as investors await U.S. jobs data for more clues on the health of the world's largest economy.

Strong employment data could prompt the U.S. Federal Reserve to end its bullion-friendly bond-buying programme earlier than expected and dent gold's safe haven appeal as worries 

about inflation ebb. A drop in bullion holdings in major gold exchange traded funds to their lowest level since August 2012 has also dragged on prices.

Gold eased $1.55 an ounce to $1,551.16 by 0314 GMT, heading for a second week of decline. It fell to a 10-month low at 1,539.74 on Thursday as it failed to react to the shock of the Bank of Japan's unprecedented monetary stimulus and hopes for another European Central Bank rate cut. China being absent from the physical market this week for a Thursday and Friday holiday has added to the overall weakness in metals, Lan also noted.

Bullion has slipped around 4 percent since hitting a hitting a 1-month high in March as investors dumped the precious metal in favour of more risky assets. U.S. gold for June delivery was at $1,551.20 an ounce, down $1.20. The U.S. nonfarm payrolls data due at 1230 GMT will likely show employers added 200,000 jobs last month after hiring 236,000 workers in February. 

Oil was up in Asia today as cautious traders waited for the release of US jobs data for March. New York's main contract, West Texas Intermediate light sweet crude for delivery in May, added 18 cents to USD 93.44 a barrel and Brent North Sea crude for May increased 16 cents to USD 106.50 in mid-morning trade.

Oil prices had fallen in New York yesterday in the wake of unexpectedly high US jobless claims and concerns about a supply glut in the world's largest economy and energy consumer. 

The US Labor Department will release its jobs and unemployment report later Friday. Most analysts have pencilled in US jobs growth of 192,000 in March, down from a February spike of 236,000.

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