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The stability of gold prices in anticipation of the US jobs data
Gold prices steadied on Friday during the European market within a limited range of trading, with the anticipation of investors for the monthly jobs data from the United States, searching for new evidence concerning the timing of the Federal Reserve to raise interest rates.
By the time 09:30 GMT, gold is trading around $ 1210.60 per ounce from the opening level of $ 1210.75 and recorded its highest level of $ 1213.07 and a low of $ 1206.78.
Gold prices yesterday lost 0.2 percent, the second daily loss in a row, with the continued release of positive data about the US economy confirms its ability to withstand the effects of the implementation of the higher interest rates cycle during this year, the data showed higher ADP new jobs during May, and lower unemployment claims for the third consecutive week.
Janet Yellen president of the Federal Reserve said last week that an increase in interest rates may be appropriate in case of continued economic growth in the country strong and continued improvement in the labor market.
In order to re-evaluate the expectations of higher interest rates and measure the improved US labor market investors awaited later in the day the monthly Non-Farm jobs data and the unemployment rate.
Published by 12:30 GMT non-farm sector jobs data, and expected for the largest economy in the world to add 159 thousand new jobs in May, compared with 160 thousand jobs in April, with the unemployment rate dropped to the level of 4.9% from rate of 5.0%.
Also the US economy waits for many important data about trade balance through April, And about the services sector during May, And about the US factory orders during April, and the continued improvement of these data is in favor of raising the expectations of US interest rates.
Gold holdings at SPDR Gold Trust Fund the world's largest gold-backed funds indices rose yesterday by 4.46 metric tons in the second daily increase in a row, to total 875.2 metric tons, the highest level since November 2013.
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