Gold prices during the European market stabilized on Friday, within a limited range of trading, with investors refrain from building new positions ahead of the release of the monthly jobs data in the United States, in order to re-evaluate the prospect of rising US interest rates next June.
By at 08:50 GMT Gold is trading around $ 1278.91 per ounce from the opening level of $ 1277.27 and recorded its highest level of $ 1280.43, and a low of $ 1274.37.
Gold prices fell yesterday by 0.1 percent, the third consecutive daily loss, due to the rise of the US currency dollar against a basket of currencies and declining most commodities and the dollar-denominated metals prices.
And the US currency posted a rise of about 1.2 percent over the last three days, with the support of correction and profit taking, after falling to its lowest level in 15 months against a basket of major and minor currencies, after the most stable world currency found support from statements by some members of the Federal Reserve about raising US interest rates next June.
Lockhart head of the Federal Reserve in Atlanta, said on Tuesday that raising interest rates in June may be a real choice, while John Williams, president of the Federal Reserve in San Francisco, said that he will support raising interest rates if the economy remained on track.
In order to re-evaluate the prospect of rising US interest rates in next June, investors awaited later in the day the release of the monthly jobs data from the United States, and monetary policy, Federal Reserve makers relies heavily on improvement in jobs so they continue to implement the remaining part of the cycle of raising interest rates of America during this year.
By 12:30 GMT jobs data for the Non-Farm sector will be released, expected to add the for the largest economy in the world 203 thousand new jobs in March, compared with 215 thousand jobs in March, with a stable unemployment rate at the level of 5.0%.
Gold holdings at SPDR Gold Trust Fund the world's largest gold-backed funds indices rose yesterday by 3.9 metric tons, in the second daily increasein a row, to total 829.44 metric tons, the highest since March 2014.