The price of gold remained unchanged on Friday’s session and it is now on track to notch a seven-week high this week. This is the driven by the dollar depreciation after the on-going political turmoil’s surrounding U.S. before the monthly jobs report data release on the same day.
Investors are currently anticipating the U.S. nonfarm payrolls figures for the month of July, on indications that it might impact the pace of the Federal Reserve in terms of tightening monetary stimulus.
Gold Silver Central’s managing director Brian Lan said that investors are bracing themselves on figures that are set to be released in the U.S. and that the reason why it’s a bit quiet. He added that the sluggishness of the greenback following the news on developments in the investigations surrounding the U.S. election last year somehow supported the price of the yellow metal.
Looking on prices, U.S. gold futures was slightly lower by 0.02 percent to trade at $1,274.10 an ounce for its December delivery and spot gold traded close to the flat line at $1,268.00 an ounce and currently on track to finish the week unchanged.
OANDA’s senior market analyst Jeffrey Halley is forecasting the bullion to trade on the nuances of the greenback before the release of the data’s. The index which tracks the value of the U.S. currency against its peers, the dollar index, hovered close to a 15-month low this entire week.
In other metal prices; palladium was 1 percent higher at $884.50 an ounce, spot silver advanced by 0.2 percent at $16.65 an ounce and platinum edged down by 0.2 percent at $958.80 an ounce.