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MTECHTIPS;-Gold prices gain in early Asia with U.S. jobs data, elections eyed

Friday, November 4, 2016 1:38
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MTECHTIPS;-Gold prices gain in early Asia with U.S. jobs data, elections eyed

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MTECHTIPS- Gold posted early gains in Asia on Friday in cautious trade ahead of U.S. jobs data and the looming U.S. presidential election next week. Gold for December delivery on the Comex division of the New York Mercantile Exchange edged up 0.03% to $1,303.65 a troy ounce. Silver futures for December delivery on the Comex dropped 0.31% to $18.358 a troy ounce. Copper futures for December delivery gained 0.09% to $2.245 a pound. On Friday, the key U.S. nonfarm payrolls report will be released, and could reinforce or undermine current expectations of a rate hike in December, now seen at 71.5% according to Investing.com’s Fed Rate Monitor Tool. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was little changed at 97.39 early Thursday, bouncing back after falling to 97.08 earlier, the weakest level since October 11. Overnight, gold prices fell back below the $1,300-level during North American hours on Thursday, pulling back from the prior session’s one-month high as the U.S. dollar and global stocks stabilized. But volatility is possible as global stock markets were spooked by signs the U.S. presidential election race was tightening less than a week before the November 8 vote. Enthusiasm for Hillary Clinton has ebbed since the renewal of the FBI’s probe into her use of an unauthorized email server while Secretary of State.

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