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MTECHTIPS:-Gold surges to highest level since October, ahead of U.S. jobs report
Gold surged to fresh 3-month highs amid a continuing slumping dollar, as investors prepared for a disappointing U.S. jobs report following the release of soft employment data on Thursday. On the Comex division of the New York Mercantile Exchange, gold for April delivery traded in a broad range between $1,140.20 and $1,157.20 an ounce before settling at $1,156.10, up 14.70 or 1.29% on the day. At session highs, gold reached its highest level since October 29 when it traded above $1,160. The precious has soared this week, jumping more than $40 an ounce from its opening level on Monday. Since closing 2015 around $1,060,gold futures have skyrocketed more than 8% on the new year. Gold likely gained support at $1,046.20, the low from December 3 and was met with resistance at $1,182.70, the high from Oct. 28. Last week, initial U.S. jobless claims rose 8,000 to 285,000 for the week ending on Jan. 30, slightly above consensus’ estimates of 280,000. New claims continued to trend higher, as the four-week average increased to 284,750, up approximately by 5,000 from the same level a month ago. While continuing claims fell considerably to 2.255 million for the week ending on Jan. 23, the four-week average moved higher for the fourth consecutive week. The downbeat data will likely temper analysts’ optimism heading into Friday morning’s U.S. jobs report for the month of January. The Labor Department’s Bureau of Labor Statistics is expected to report 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
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