Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

PRECIOUS-Gold steady after bleak US jobs data

Published 09/04/2011, 08:42 PM
Updated 09/04/2011, 08:48 PM
PMC
-
GC
-
SI
-
PA
-
PL
-

SINGAPORE, Sept 5 (Reuters) - Spot gold edged higher on Monday, retaining its gains from the previous session, when dismal U.S. job data triggered safe-haven buying to boost the precious metal more than 3 percent, and lingering worries about euro zone's debt crisis lent support.

FUNDAMENTALS

* Spot gold inched up 0.1 percent to $1,886.19 an ounce by 0018 GMT, after surging 3.2 percent in the previous session.

* U.S. gold gained 0.6 percent to $1,888.90.

* U.S. employment growth ground to a halt in August, reviving recession fears and piling pressure on both President Barack Obama and the Federal Reserve to provide more stimulus to aid the frail economy.

* The safe-haven interest in gold was underpinned by renewed worries about the euro zone's debt crisis, as Greece and its international lenders interrupted talks on a new aid tranche, and the European Central Bank pressured Italy to control its finances and reform it economy.

* Money managers cut their net long positions in U.S. gold futures and options for a fourth week in a row in the week ended Aug. 30, as bullion prices pulled off an all-time high set a week earlier, data showed on Friday.

* For the top stories on metals and other news, click , or

MARKET NEWS

* The euro fell to fresh three-week lows against the dollar in Asia on Monday, while commodity currencies also came under pressure as worries about the euro zone debt problems and weak U.S. payrolls data hit appetite for riskier assets.

* U.S. stocks tumbled 2 percent on Friday after data showing zero jobs growth in August brought investors face-to-face with the prospect of another recession.

DATA/EVENTS 0753 Germany Markit services PMI August 0758 Euro zone Market services PMI August 0830 Euro zone Sentix index September 0900 Euro zone Retail sales July

PRICES

Precious metals prices 0018 GMT Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1886.19 2.39 +0.13 32.88 Spot Silver 43.28 0.09 +0.21 40.25 Spot Platinum 1879.49 1.69 +0.09 6.34 Spot Palladium 774.97 -10.81 -1.38 -3.07 TOCOM Gold 4666.00 140.00 +3.09 25.13 63748 TOCOM Platinum 4689.00 94.00 +2.05 -0.15 5716 TOCOM Silver 106.40 3.80 +3.70 31.36 949 TOCOM Palladium 1935.00 -11.00 -0.57 -7.73 206 COMEX GOLD DEC1 1888.90 12.00 +0.64 32.89 6340 COMEX SILVER DEC1 43.37 0.30 +0.70 40.17 743 Euro/Dollar 1.4147 Dollar/Yen 76.86 TOCOM prices in yen per gram. Spot prices in $ per ounce. COMEX gold and silver contracts show the most active months

(Reporting by Rujun Shen; Editing by Clarence Fernandez)

Latest comments

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.