(Before It's News)
Gold prices dipped slightly in early Asia on Thursday as investors looked ahead to the end of the week U.S. jobs report for fresh direction after an overnight surge. On the Comex division of the New York Mercantile Exchange, gold for April delivery eased 0.06% to $1,142.40 a troy ounce. Silver for March delivery gained 0.03% to $14.675 a troy ounce, while copper for March delivery fell 0.06% to $2.100 a pound. The Labor Department’s Bureau of Labor Statistics is expected to report on Friday that that nonfarm payrolls increased by 188,000 in January, falling sharply from December’s robust gain of 292,000. It would mark the first month that the figure dipped under 200,000 since September. The unemployment rate, meanwhile, is expected to remain unchanged at 5.0%. Many economists are more concerned with the pace of wage growth amid soft hourly earnings over the last year. A major uptick in earnings could bolster wage push inflation and help the Federal Reserve move closer to fulfilling both legs of its dual mandate. Overnight, gold surged to a fresh three month high on Wednesday as the dollar continued to retreat from last week’s Bank of Japan-driven rally, amid signals of slowing economic growth and decelerated job gains in the labor market. Gold has closed higher by at least $10 an ounce in three of its last seven sessions. At one point on Wednesday, the precious metal reached its highest level since October 30. Gold likely gained support at $1,046.20, the low from December 3 and was met with resistance at $1,175.10, the high from Oct. 28.
WWW.MTECHTIPS.COM
07489294118-119
Register
Newsletter
If you really want to ban this commenter, please write down the reason:
