Reuters logo
PRECIOUS-Gold holds near 1-month highs ahead of U.S. jobs data
January 6, 2017 / 1:15 AM / 8 months ago

PRECIOUS-Gold holds near 1-month highs ahead of U.S. jobs data

Jan 6 (Reuters) - Gold on Friday hovered near one-month
highs touched the session before, with traders waiting for U.S.
jobs data later in the day for clues on the pace of possible
U.S. interest rate hikes in 2017.
        
    FUNDAMENTALS
    * Spot gold had eased 0.2 percent to $1,178.53 an
ounce by 0056 GMT. The metal on Thursday hit its highest since
Dec. 5 at $1,184.90.
    * U.S. gold futures were also down 0.2 percent, at
$1,179 an ounce. 
    * Investors are focused on Friday's U.S. non-farm payrolls
report, with economists expecting job gains of 178,000 in
December.
    * U.S. services sector activity held at a one-year high in
December as new orders surged, while the number of Americans
filing for unemployment benefits fell near a 43-year-low last
week, suggesting the economy ended 2016 with strong momentum.
 
    * A raft of data from China in coming weeks is expected to
show the world's second-largest economy carried solid momentum
into 2017, thanks to heavy government stimulus and a
construction boom that breathed new life into its ailing
smokestack industries. 
    * Euro zone producer prices rose for the third consecutive
month in November on a monthly basis, mostly driven by soaring
energy prices which offset subdued prices for consumer goods,
estimates released on Thursday by Eurostat showed. 
    * SPDR Gold Trust, the world's largest gold-backed
exchange-traded fund, said its holdings fell 0.03 percent to
813.59 tonnes on Thursday from Wednesday. 
    
    MARKET NEWS    
     * The U.S. dollar wobbled near three-week lows and U.S.
bonds were bought back on Friday as investors wound back 'Trump
trade', helping to lift the world's stocks to 1-1/2 year highs.
 
    *  Oil prices were little changed on Friday after gaining
nearly 1 percent the day before on news that Saudi Arabia had
cut production to meet OPEC's agreement to reduce output. 
    * For the top stories on metals and other news, click
 or 
    
    DATA AHEAD (GMT)
    
    1000 Euro Zone    Retail Sales         Nov 
    1000 Euro Zone    Business Climate     Dec 
    1330 U.S.         Non-Farm Payrolls    Dec 
    1330 U.S.         Unemployment Rate    Dec 
    1330 U.S.         International Trade  Nov 
    1500 U.S.         Durable Goods        Nov 
    1530 U.S.         ECRI Weekly Index 

 (Reporting by Nallur Sethuraman in Bengaluru; Editing by Joseph
Radford)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below