Gold prices are seen flat as of this writing after rising earlier today to the highest in a month amid speculation the Federal Reserve will slow tapering following the weaker-than-expected US jobs data.
The number of new jobs added in December in the US rose just 74,000, the smallest increase since January 2011, suggesting the Federal Reserve may slow down cutting its bond-buying stimulus.
Also supporting gold prices was the weaker US dollar, which fell following the disappointing jobs report, although physical demand from China, the world`s biggest gold consumer, fell due to the rally in prices.
“Prices may continue to $1,267. As it`s earnings season… large disappointments in company earnings may also direct some funds back to gold. However, the general macroeconomic sentiment and outlook continue to weigh on gold”, says Joyce Liu.
In the US attention this week will turn be a number of major corporate earnings including JPMorgan Chase, Wells Fargo, Bank of America, Citigroup, Goldman Sachs, Intel and General Electric.
- Gold is trading at $ 1245.80 an ounce after falling $1.10
- Silver is trading at $ 20.08 an ounce after falling $0.143
- Copper is trading at $ 3.338 an ounce after falling 0.10%
- Platinum is unchanged at $ 1436.90 an ounce
- Palladium is trading at $ 742.00 an ounce after falling 0.54%