The price of gold was steady on Thursday’s opening bell as the market currently anticipates the release of U.S. non-farm payrolls this Friday. The strength of the dollar following the firm U.S. jobs growth have also influenced the bullion’s price.
CIBC Standard Bank’s Tokyo branch manager Yuichi Ikemizu said on the day that almost everyone is anticipating the U.s. employment data this Friday, and unless someone from the Federal Reserve released a statement regarding this matter, there wouldn’t be any major movement until tomorrow.
The U.S. dollar was marginally higher against its major peers. This in reaction to the report that suggested a growth of private sector jobs in the United States. It increased to its fastest pace in more than 12 years but the gains were somehow limited due to the drop in Treasury yields. It is already given that a stronger dollar is not good with gold prices because it will make the non-yielding bullion too expensive for owners outside the country. This will further weaken the demand.
Looking at prices, U.S. gold futures remained solid at $1,277 an ounce for its December delivery and spot gold was nearly unchanged at $1,274.50 an ounce.
As of now, investors are anticipating the U.S. non-farm payrolls data this Friday and market analysts are expecting a stagnant flow in fresh jobs because of the major disruptions of Hurricane Harvey and Irma last month.
Meanwhile on other precious metals; palladium rose by 0.3 percent at $924 per ounce, platinum fell by 0.3 percent at $909.35 and spot silver traded close to the flat line at $16.58.