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MTECHTIPS:-Gold holds steady as traders await ECB, U.S. jobs report
Gold was little changed on Wednesday, as traders looked ahead to the upcoming European Central Bank meeting as well as key U.S. employment data later in the week. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery ticked up 20 cents, or 0.02%, to trade at $1,204.60 a troy ounce during European morning hours. Prices held in a tight range between $1,202.90 and $1,208.50. Futures were likely to find support at $1,194.60, the low from March 3, and resistance at $1,223.00, the high from March 2. A day earlier, gold dipped $3.80, or 0.31%, to settle at $1,204.40 an ounce as a broadly stronger U.S. dollar dampened the appeal of the metal. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was flat at 95.45 early on Wednesday, after hitting a five-week high of 95.58 on Tuesday.The greenback remained supported amid expectations for higher interest rates in the U.S. Meanwhile, the euro was likely to remain under pressure as investors turned their attention to the upcoming European Central Bank meeting on Thursday, when it was expected to announce details of its quantitative easing program. Traders also looked ahead to the release of the latest U.S. nonfarm payrolls report on Friday, for further indications on the strength of the recovery in the labor market. Market analysts expect the data to show that the U.S. economy added 240,000 jobs in February, slowing from a gain of 257,000 in January, while the unemployment rate was forecast to decline to 5.6% from 5.7%.
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