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Gold rises for 4th day; eyes on central banks, US data

Gold inched up on Thursday, extending gains for a fourth day as investors awaited cues from central banks on plans to shore up the frail global economy, while a key US employment report due this week was also in focus.

By (Reuters)

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Published: Thu 4 Oct 2012, 2:48 PM

Last updated: Tue 7 Apr 2015, 11:25 AM

Gold managed to squeeze out slim gains in the previous session, shrugging off tumbling oil prices on disappointing data from the euro zone and China, as the belief that bullion would benefit from more stimulus measures from around the world continued to support sentiment.

Trading interest was thin as China, a key market player in the region, is still on a public holiday. Investors are also watching the European Central Bank and Bank of England for their rate decisions later in the day.

Traders are likely to stay cautious ahead of the release of the all-important U.S. employment report on Friday, after data on Wednesday showed a surprise jump in private employment in the world’s largest economy.

“There is little interest right now as people focus on the nonfarm payrolls data,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong, adding that gold was stuck in a narrow range of $1,775 to $1,780 an ounce.

Spot gold inched up 0.3 percent to $1,782.99 an ounce by 0646 GMT, but was off an 11-month high above $1,791 hit earlier in the week.

US gold also gained 0.3 percent to $1,785.50.

The technical outlook suggested gold would make a brisk move if it could break out of the range of $1,760 to $1,785, Reuters market analyst Wang Tao said.