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Gold market waits for US jobs data
LONDON - Gold steadied on Friday as investors waited for a key gauge on the health of the US economy which could influence dollar direction and future prospects for the precious metal.
Spot gold at 1030 GMT was at $681.25/681.75 an ounce, little changed from $681.10/681.60 late in New York on Thursday, when it gained about $10 on fund buying, a mining strike in gold producer Peru and a rally in base metals.
US non-farm payrolls for April due later on Friday are expected show a 100,000 rise compared with a gain of 180,000 in March, while the unemployment rate is forecast at 4.5 percent from 4.4 percent.
“Everybody is waiting for the non-farm payrolls this afternoon, what happens after will depend on the figures,” said Michael Kempinski, vice president at Commerzbank.
“It’s quiet on the customer side, it could stay quiet ahead of the long weekend in London.”
Markets in London are closed on Monday for the May Day bank holiday.
A lower US currency makes dollar-denominated metals cheaper for investors in other currencies.
Traders said thin markets could mean more volatility if the the jobs data surprise and that gold on the upside could test resistance at $683 an ounce or downside support at $670.
“Today’s payrolls reading will obviously have a bearing on gold’s direction, while further institutional sales will pressure the metal,” TheBullionDesk.com said in a note.
Psychology
However, supporting precious metals is this week’s mining strike in Peru, which is one of the world’s top two silver producers and the world’s fifth largest gold producer.
Prolonged negotiations to settle the strike could help gold move towards the psychological $700 -- a level the metal has shied away from several times in April. The next target would be $730, a 26-year high seen in May last year.
“A lot of people have become fixated with $730. If it does get there, its going to be a long slog,” a London-based trader said, adding that he expected platinum to push back above $1,300 an ounce in the near term.
News that ETF Securities’ exchange traded platinum fund had attracted investment equal to 6,051 ounces of the metal since its launch on April 24, have helped platinum higher.
Also a plus for platinum is a strike at South Africa’s Northam Platinum Ltd. and the daily loss of 1,100 ounces in platinum group metals.
“The metals favourable fundamentals coupled with the slow but growing interest in the recently launched ETF should see platinum work back towards $1338,” TheBullionDesk.com said.
Platinum was at a one-week high of $1,299/1,304 an ounce from $1,295/1,300 an ounce late on Thursday.
Palladium rose to $371/376 an ounce from $369/373 an ounce. Silver was steady at $13.37/13.41 an ounce from $13.37/13.40.
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