News Column

Gold Flat Near USD1,250 Ahead Of Jobs Report

June 6, 2014

WASHINGTON (Alliance News) - Gold prices are little changed Friday morning, with investors looking ahead to the monthly US jobs data.

Gold futures for August are down USD0.90 or 0.07% at USD1,252.60 an ounce.

On Thursday, gold futures ended up USD9.00 or 0.7% at USD1,253.30. During the day, gold rose to USD1,257.90, a one-week high, after languishing near a two-month low for much of the session.

Gold was supported by the European Central Bank's decision to lower its lending rate to 0.15% and cut rates on bank deposits parked overnight with the central bank to negative.

Silver for July is down USD0.050 or 0.26% at USD19.033 an ounce.

Meanwhile, copper is down USD0.056 or 1.82% at USD3.034 per pound.

On the economic front, the Labor Department is scheduled to release its non-farm payrolls report for May at 8:30 am ET. Economists expect non-payrolls to expand by 213,000 from 288,000 in the previous month, while the unemployment rate is expected to edge up to 6.4%.

The Federal Reserve is due to release its report on outstanding consumer credit at 3 pm ET. Outstanding consumer credit is expected to rise by USD15 billion in April compared to the USD17.5 billion increase in March.

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Source: Alliance News

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