Gold steadied in another narrow trade in Asia, hovering near its lowest level in almost two weeks on Tuesday as traders took the sidelines ahead of the infamous U.S. jobs report later this week.
The precious metals market is still out of direction this week as traders await the release of closely-watched October non-farm payrolls (NFP) figures due to be released on Friday, highlighting the possibility of when the Federal Reserve may start tapering its billion-friendly stimulus program due to the recent government shutdown and disappointing economic data.
Spot gold was up 0.19% at $1,317.09 an ounce as of 01:26 ET today, compared with the previous close at $1,314.64. The day`s range is so far between $1,313.73 and $1,318.50.
The metal has posted its longest losing streak since May as the U.S. economic grind continues this week, featured by Friday's employment report. In U.S. economic news out Monday, U.S. factory orders grew 1.7% in October, meeting analysts' median forecast.
The U.S. agenda also holds some first-tier releases including the ISM services index on Tuesday and third-quarter gross domestic product (GDP) as well as weekly jobless claims on Thursday.
Traders are also focused on the European Central Bank (ECB)'s meeting later this week. Falling inflation in the euro area has fueled bets the ECB may soon cut its interest rates, but most analysts suggest that such a move needs further deterioration in the 17-nation economy.
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Gold Little Changed Near 2-Week Low, While Fed And ECB In Focus
Published 11/05/2013, 05:44 AM
Updated 07/09/2023, 06:31 AM
Gold Little Changed Near 2-Week Low, While Fed And ECB In Focus
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