News Column

Gold Holds Near 2-Month Peak As Focus Shifts To Jobs Report

July 2, 2014

WASHINGTON (Alliance News) - Gold prices are little changed Wednesday morning, with traders treading cautiously ahead of some key economic data and remarks from Fed Chair Jane Yellen.

Positive global equity markets appear to be limiting the demand for the bullion to an extent.

Gold futures for August are up USD1.40 or 0.11% at USD1,328 an ounce, not far from a three-month high of USD1,334.90.

On Tuesday, gold futures ended up USD4.60 or 0.4% at USD1,326.60 an ounce, a two-month closing high, with traders opting for the safe haven appeal of the precious metal after some soft data on US manufacturing activity and construction spending.

Geopolitical concerns contributed as well to bullion's rise.

Silver for September is down USD0.014 or 0.07% at USD21.103 an ounce. Meanwhile, copper is flat at USD3.205 per pound.

Investors will be looking ahead to private sector payrolls report from ADP, due at 8:15 am ET. The consensus estimate calls for an additions of 213,000 by the sector following an additions of 179,000 jobs in May.

At 10 am ET, the Commerce Department will release its factory orders report for May. Economists expect a 0.3% drop in orders following a 0.7% increase in the previous month.

Federal Reserve Chair Janet Yellen is scheduled to speak on the monetary policy to the IMF central banking conference in Washington at 11 am ET.

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Source: Alliance News

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