Investing.com - Financial Markets Worldwide
🤯 Have you seen our AI stock pickers’ 2024 results? 84.62%! Grab November’s list now.Pick Stocks with AI

Gold Little Changed Before US Jobs Data

ByICN.com
Published 10/22/2013, 06:03 AM
Updated 07/09/2023, 06:31 AM
GC
-

Gold was little changed in a very slim trade in Asia Tuesday, as traders anticipated U.S. September jobs data after 18-day delay due to U.S. government shutdown.

The precious metals markets is standing pat while the economic calendar begins to get back on track with the release of the employment report. Another soft month is expected with the market consensus for non-farm payroll growth below 200 thousand at 185 thousand. The report will be released at 12:30 GMT.

Spot Gold was slightly up at $ 1,316.40 an ounce at 06:56 GMT.

Today's employment report is the first major economic release from Washington since the government re-opened last week and so it's sure to case a long shadow on expectations for the near term. However, market participants are not expecting a very strong NFP number.

The NFP figure, in particular, is seen as the most influencing indicators on whether the Federal Reserve will start tapering its bond-purchase program.

The Fed's accommodative monetary policy and especially its economic stimulus program often weaken the dollar to drive recovery, stripping gold off its attractive hedge appeal against inflation.

NFP numbers above 200 thousand would lend support to the U.S. dollar as the market consensus will start betting on stimulus tapering by the Fed sooner than later. On the other hand, a weak report might drag on the greenback.




Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.