Gold prices declined from a three-month high on Thursday before the release of the US employment data which may show the US economy expanded and trade figures. A positive report from the US job market could boost the US dollar and weaken the safe-haven bullion.
Bullion futures for immediate delivery slid 0.58% to $1,323.30 an ounce at the time of writing, while silver futures fell 0.86% to $21.120 an ounce at the same time.
Platinum for immediate delivery fell 0.6% lower to $1,500.88 an ounce, falling from Wednesday’s highs of $1,519.38, the highest level since Sept 4. Palladium declined by 0.4% to $853.90 an ounce, cutting its eight-day winning streak.
Assets in the largest bullion-backed exchange-traded product, the SPDR Gold Trust were unchanged on Wednesday at 796.39 metric tons, the highest level since April 16.
US Jobs Data
On Wednesday, the Automatic Data Processing (ADP) jobs report revealed that the US private sector added 281,000 new jobs in June, exceeding analysts’ forecast of 205,000 and previous figure of 179,000 seen in May.
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A report from the US Labour Department is forecasted to show non-farm payrolls rose by 215,000 in June, while the jobless rate is projected to remain unchanged at 6.3%.
The yellow metal declined by 28% last year, marking its biggest annual decline since 1931 on speculation that the Fed would begin to reduce its monthly asset purchases.
Ukraine
New rounds of talks between Russian, Ukrainian diplomats and rebel leaders is scheduled to take place after it was approved to help put an end to the conflict and support the cease-fire that ended on Monday.
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