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MTECHTIPS:-Gold futures edge higher ahead of U.S. nonfarm payrolls
MTECHTIPS:-Gold futures edge higher ahead of U.S. nonfarm payrolls
Gold prices edged higher in European morning hours on Friday, easing off a five-week trough as investors awaited the release of U.S. nonfarm payrolls data due later in the day. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery were up 0.13% at $1,176.80. The August contract ended Thursday’s session 0.82% lower at $1,175.20 an ounce. Futures were likely to find support at $1,172.40, Thursday’s low and a five-week low and resistance at $1,186.60, Thursday’s high. Gold prices hit a five-week trough on Thursday after the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending May 30 declined by 8,000 to 276,000 from the previous week’s revised total of 284,000.Analysts had expected initial jobless claims to fall by 5,000 to 279,000 last week. The report came a day after data showed that the U.S. private sector added 201,000 jobs last month, slightly ahead of expectations for 200,000. Investors were eyeing data on U.S. nonfarm payrolls due later in the day for further indications on the strength of the job market. A strong U.S. nonfarm payrolls report is likely to bring forward expectations on when the central bank will begin to raise rates, while a weak number could weigh on the dollar by undermining the argument for an early rate increase.
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