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Gold price fell marginally ahead of US employment data

2019-07-05 09:05 am | Resource: News | No Views : 60

Gold price fell marginally ahead of US employment data

Gold prices fell marginally but are heading for the longest weekly gain since 2011 as investors eye the US jobs report ahead of monthly data, which is expected to add 160,000 jobs in June. Which may provide clues about the future course of interest rates.

US stocks are slightly lower in pre-market trading

Most Wall Street stocks were down in pre-market trading on Friday after Independence Day as investors awaited key US jobs data. Non-farm payrolls for June may provide evidence of whether the Federal Reserve will cut interest rates this month at their policy meeting. According to Federal Reserve Watch Watch (CME) as investors expect officials to cut interest rates on July 31 after months of persistent criticism from President Donald Trump.

On Wednesday, US private sector employment data rose 102,000 in June, below the 140,000 market forecast, according to Wednesday's National Employment Report (ADP). The services sector accounted for the lion's share of the number of 117,000 new jobs. Most were in the education and health sector, which received 55,000 new employees. The commodity-producing sector was smaller for 15,000 jobs
  • The Dow Jones Industrial Average was down 0.07% at 10:20 CET.
  • While the S & P 500 fell 0.06%.
  • The Nasdaq 100 had been steady at the time.

The dollar index, which tracks the performance of the greenback against a basket of six currencies, stabilized at 96.8 points, the euro fell 0.19% against the dollar at the same time, and the purchase of 1.1262.

Gold Trading
  •  Gold futures for August delivery fell 0.3% or $ 4.4 to $ 1416.6 an ounce, at 9:29 am CET.
  • The spot delivery price fell 0.18% to $ 1413.5, but prices are still up this week by 0.6%, heading for a weekly gain of seven consecutive times.

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