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Gold Holds Near Monthly Low Around USD1,280 Ahead Of Jobs Report

August 1, 2014

WASHINGTON (Alliance News) - Gold prices are slightly higher Friday morning, with traders looking ahead to the monthly US jobs data.

A sell-off in global equity markets amid the ongoing unrest in Ukraine and the Middle East and news about Argentina missing a debt repayment deadline, appears to be supporting the yellow metal a bit.

Gold futures for December are up USD1.40 or 0.11% at USD1,284.20 an ounce.

Gold futures for December ended down USD13.60 or 1.1% at USD1,281.30 an ounce on Thursday, its lowest levels since June 19. Gold shed 3% in July.

Silver for September is down USD0.064 or 0.31% at USD20.348 an ounce. Meanwhile, copper is down USD0.019 or 0.58% at USD3.212 per pound.

The monthly non-farm payrolls report from the US Labor Department will be out at 8:30 am ET. The consensus estimate calls for an addition of 233,000 jobs after non-farm payrolls expanded by 288,000 in the previous month.

Around the same time, the Commerce Department will release its personal income and spending report for June. Economists expect a 0.4% month-over-month increase in both personal income and spending.

Traders are also awaiting the final reading on US consumer sentiment from Reuters and the University of Michigan, data on manufacturing activity from Markit and the results of national manufacturing survey from the Institute for Supply Management, this morning.

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Source: Alliance News

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