Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


Gold Prices Edge Higher as Investors Focus on Nonfarm Payrolls; Silver Prices also Gain

Friday, February 1, 2013 8:51 AM
Gold prices pared initial losses to edge higher during Asian trading hours on Friday and are headed to log weekly gains with bullion investors keeping their eyes on Labor Department’s monthly nonfarm payroll data since any weakness in number might boost metal’s safe haven appeal. Stronger euro, which jumped to its 15 months high against the greenback in the wake of stabilizing financial markets in the monetary union and weaker-than-expected Chinese PMI data, provided some support to bullion on Friday. At around 6:45 a.m. EST, gold futures for February delivery edged up 0.31% to $1,667.20 an ounce while spot gold gained 0.2% to $1,666.31 an ounce. Silver futures tacked higher 0.28% to $31.44 an ounce. In pre-market trading, the iShares Silver Trust (ETF) (NYSE: SLV) was down 0.13% to $30.40, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) was down 0.17% to $46.88. Lately metal prices are swinging wildly in either direction, taking direction from U.S. economic indicators. While gold futures climbed 1.1% on Wednesday after the Commerce Department’s data showed that U.S. economy shrank by 0.1% in fourth quarter, boosting metal’s safe haven appeal, it retracted 1.2% in the subsequent session as profit booking and failure to breach $1,680-$1,690 an ounce level triggered technical sell off. Now, metal prices are likely to hinge on monthly non-farms payroll data, slated to be released later today. Any weakness in the job data could spur up investors to seek safety in safe haven bets such as gold. On the other hand, significant improvement in the numbers will tend to lure investors towards riskier assets. This is the reason why, bullion investors are treading with caution while those who had taken bullish positions are liquidating, taking advantage of slightest of gains. According to Reuters’ survey, economists are expecting non farms payrolls to have risen by 160,000 in January from 155,000 in December. “Investors are still trading on news, particularly from the United States,” said Brian Lan, managing director of GoldSilver Central in Singapore, according to Thomson Reuters. “Precious metals haven't gotten their safe haven status back fully yet,” added Lan.
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2014 the year you get RICH!

Latest Headlines

China won't force foreign auto parts makers to form local JVs: EU trade bodyChina won't force foreign auto parts makers to form local JVs: EU trade body
SHANGHAI (Reuters) - The European trade body in China said Beijing is not planning to force foreign auto parts suppliers operating in the country to form local joint ventures, dismissing a report last...
Australia's trade drags on growth, housing a helpAustralia's trade drags on growth, housing a help
SYDNEY (Reuters) - Australia`s current account deficit widened sharply in the three months to June as export growth stalled and imports rebounded, a swing that was set to be the single biggest drag ...
Japan Finance Minister Aso says economy's recovery trend remains intactJapan Finance Minister Aso says economy's recovery trend remains intact
TOKYO (Reuters) - Japanese Finance Minister Taro Aso said on Tuesday that the economy remains in a recovery trend, following a slew of economic indicators that cast some doubt about the strength of a ...
China anti-trust probes not protectionist, regulator saysChina anti-trust probes not protectionist, regulator says
SHANGHAI (Reuters) - China`s latest antitrust probes, which have hit firms such as Microsoft <MSFT.O> and Volkswagen AG <VOWG_p.DE>, are not protectionist tools that favor domestic firms, ...
Asian stocks slip, euro hits one-year low on ECB uncertaintyAsian stocks slip, euro hits one-year low on ECB uncertainty
TOKYO (Reuters) - Asian shares slipped on Tuesday as a U.S. holiday robbed markets of momentum, while the euro hit a fresh one-year low on uncertainty over the European Central Bank`s policy decisio...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.