The prices for Gold eased during the Asian trading session on the last trading day this week as investors focus on the release of the US non-farm payrolls data report for the November. The report will give possible hints as to when the Federal Reserve could begin to scale-back on its stimulus program.
The yellow metal contracts for January dropped 0.37% lower to $1,225.20 an ounce at the time of writing. Silver futures edged 0.61% lower to $19.460 an ounce.
Holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, came in at 838.71 tones on Wednesday.
The US dollar index, which measures the strength of the US dollar against six major currencies, edged 0.18% higher at 80.376 points.
Market participants are looking forward to the release of the non-farm payrolls data, which is forecasted to show an increase by 181,000 in November. The US Census Bureau of Labour Statistics will release the report by 1:30pm GMT.
The Labour sector in the US is one of the key determinants for the US economy and also determines whether and when the Federal Reserve would begin to taper; a positive report from the Labour market would mean the US Central bank could start to taper in the next Fed Meeting scheduled on December 17-18.
The ADP employment report showed a 215,000 rise in November, advancing from the previously recorded 184,000 rise seen in October and above the forecasted 170,000 rise.
The US Department of Labour is expected to post its initial jobless claims data by 1:30pm GMT, with forecast of an increase to 321,000 people, a slight rise from 316,000 registered in the week before.
The US economy grew by 3.6% in the third quarter, above 2.8% recorded in the previous month’s estimates, according to the second estimates released by the Bureau of Economic Analysis.
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