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Slight changes in gold prices ahead of US nonfarm payrolls

2019-10-04 10:02 am | Resource: News | No Views : 44

 Slight changes in gold prices ahead of the NFP report

Gold futures stabilized as attention turned to US nonfarm payrolls data for signs of the health of the US economy, as well as a scheduled speech by Federal Reserve Chairman Jerome Powell later on Friday. The vast majority of traders are betting that the Fed will cut interest rates by 25 basis points at their next meeting, according to the CME FedWatch.

US stocks slowed in the market ahead of the jobs data

Wall Street fell mostly in the pre-trading market on Friday, with the main focus on the US Department of Labor's report on nonfarm payrolls due later in the day. On the trade war, White House trade adviser Peter Navarro said the United States would either get a "great" deal with China or nothing at all.

Speaking to the media, Navarro also stated that there is no room for small deals with the world's second largest economy. He also noted that the US economy was strong.

Navarro said earlier on Thursday that no one was able to hit China as strongly as President Donald Trump. He stressed that although the latter had a "warm" relationship with Chinese leader Xi Jinping, he knew it was time "to start a game of football in the field" and to "wear his helmet" and "hit hard" as he could.

Yellow metal prices are headed for a gain this week of 0.8%, with growing concerns about the growth of the world's largest economy after weak data on manufacturing and private sector jobs, as well as continuing uncertainty about Brexit and trade tensions.
  • The Dow fell 0.11% at 10:45 CET.
  • The Nasdaq 100 was flat at the same time.
  • The S&P 500 fell 0.13% at 10:46 CET.

The euro was up 0.08% against the dollar, selling at $ 1.09733 at 10:42 am CET. , While the pound was steady against the dollar to change against $ 1.23309 at 10:44 am CET.
  • Contracts for the precious metal settled at $ 1514.3 an ounce, at 10:30 am CET.
  • Spot delivery rose 0.25% or $ 3.7 to $ 1508.9 an ounce.
  •  Silver futures for December delivery fell 0.18% to $ 17.65 an ounce, but are also heading for weekly gains.

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