PRECIOUS-Gold inches up ahead of US jobs report

Fri Jul 6, 2012 6:15am IST

SINGAPORE, July 6 (Reuters) - Gold inched up on Friday, on
course for a second straight week of gains, as investors await
the all-important U.S. June employment report to gauge the
health of the world's top economy for trading cues.
    
    FUNDAMENTALS
    * Spot gold crept up 0.1 percent to $1,606.10 an
ounce by 0037 GMT, on course for a weekly rise of half a
percent.
    * U.S. gold futures contract for August delivery 
edged down 0.2 percent to $1,606.70.
    * The European Central Bank cut interest rates to a record
low on Thursday, as widely expected, to breathe life into a
deteriorating euro zone economy but steered clear of more
dramatic measures such as buying government bonds or flooding
banks with fresh liquidity. 
    * China's central bank cut interest rates for the second
time in a matter of weeks on Thursday, stepping up efforts to
bolster an economy that last quarter probably suffered its
weakest growth since the global financial crisis.
 
    * The Bank of England, whose rates are already at a record
low 0.5 percent, said it would restart its printing presses and
buy 50 billion pounds ($78 billion) of assets with newly created
money to help the economy out of recession. [ID:ID:nL6E8I55W6]
    * All eyes are on the U.S. non-farm payrolls data due later
in the day. Economists polled by Reuters expected employers to
have added 90,000 new workers in June, compared to a one-year
low of 69,000 jobs in May. 
    * Thursday's data showed that U.S private employers stepped
up hiring in June and the number of Americans filing new claims
for jobless benefits last week fell by the most in two months,
hopeful signs for the struggling labour market. 
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * The euro struggled at five-week lows on the greenback and
life-time troughs against commodity currencies like the
Australian dollar on Friday as markets were underwhelmed by the
European Central Bank's latest attempt to bolster the region's
economy. 
    * U.S. stocks edged down on Thursday as economic stimulus
measures by major central banks failed to excite investors
before a U.S. jobs report expected to show tepid growth. 
        
    DATA/EVENTS
 1000  Germany   Industrial output mm        May                  
 1230  U.S.      Non-farm payrolls           June                 
    
    PRICES
    
    Precious metals prices 0037 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1606.10    1.77   +0.11      2.70
  Spot Silver        27.75    0.09   +0.33      0.22
  Spot Platinum    1469.25    0.07   +0.00      5.47
  Spot Palladium    584.75    3.97   +0.68    -10.38
  COMEX GOLD AUG2  1606.70   -2.70   -0.17      2.55         2127
  COMEX SILVER SEP2  27.74    0.07   +0.25     -0.63          708
  Euro/Dollar       1.2386
  Dollar/Yen         79.93
  COMEX gold and silver contracts show the most active months
  

 (Reporting by Rujun Shen; Editing by Eric Meijer)
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Trade Deal

REUTERS SHOWCASE

Record High

Record High

Nifty hits record high on foreign buying, higher Asian stocks.  Full Article 

Bullish on Equities

Bullish on Equities

Bullish on Indian equities, but gains seen 'less sharp'- Goldman Sachs  Full Article 

BRICS Bank

BRICS Bank

World Bank chief welcomes new BRICS development bank.  Full Article 

Streamlining Operations

Jet Streamlines

Jet Airways chairman says looking to restructure debts, talking to bankers  Full Article 

Political Economy

Political Economy

Analysis - Watch what markets don't do as world politics turns nasty   Full Article 

Photo

Honda's India Thrust

Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec   Full Article 

 Boosting Output

Boosting Output

NMDC plans to boost iron ore output by two-thirds  Full Article 

Apple Results

Apple Results

Apple margin concerns fade, focus shifts to iPhone launch  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage