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

REUTERS SHOWCASE

Earnings Season

Earnings Season

Reliance Q4 sales rise, refining margin narrows.  Read 

Innovative Solution

Innovative Solution

Turning smog into jewels - a Dutch designer's solution to Beijing's pollution.  Video 

Insider Trading

Insider Trading

Rajaratnam's brother loses bid to dismiss insider trading charges.  Full Article 

Literary Giant Dies

Literary Giant Dies

Mourning and memories in Gabriel Garcia Marquez's languid hometown.  Full Article 

S&P on India

S&P on India

S&P: India's ratings to depend on next govt econ, fiscal policies.  Full Article 

Ambitious Aim

Ambitious Aim

In green car race, Toyota adds muscle with fuel-cell launch.  Full Article 

Bond Market

Bond Market

A star abroad, RBI boss riles bond traders at home  Full Article 

Reuters India Mobile

Reuters India Mobile

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