News Column

Gold Slides From 3-Month Highs Ahead Of Jobs Report

July 3, 2014



WASHINGTON (Alliance News) - Gold prices are drifting lower Thursday morning, with traders looking ahead to some crucial economic data including the monthly US jobs report.

Meanwhile, the European Central Bank kept its interest rates unchanged after its monthly policy meeting on Thursday, even though the region's economy continues to lag.

Gold futures for August are down USD11.40 or 0.86% at USD1,319.50 an ounce.

On Wednesday, gold futures ended up USD4.30 or 0.3% at USD1,330.90, its highest close in more than three months, extending gains to a fourth successive session.

While geopolitical concerns contributed to gold's rise, positive global equity markets limited its gains.

Silver for September is down USD0.259 or 1.22% at USD21.043 an ounce.

Meanwhile, copper is down USD0.015 or 0.47% at USD3.250 per pound, after rising to a four-month high of USD3.267 per pound earlier.

The US Labor Department's monthly non-farm payrolls report for June is due at 8:30 am ET. Economists expect an addition of 211,000 jobs for the month, while the jobless rate is expected to remain unchanged at 6.3%.

The Labor Department will also release its jobless claims report for the week ended June 28th. The consensus estimate calls for a rise in jobless claims to 314,000 from 312,000 in the previous week.

Around the same time, the Commerce Department is scheduled to release its trade balance report for May. Economists expect the trade deficit to have narrowed to USD45.1 billion from USD47.2 billion in the previous month.

Later in the morning, at 9:45 am ET, Markit will release the final results of its non-manufacturing survey for June, and the Institute for Supply Management will come out with the results of its service sector survey at 10 am ET.



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Source: Alliance News


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