BULLION LATEST 05/01: Gold rebounds as dollar weakens; eyes on US nonfarm payrolls
Gold prices rose in Asian morning trading on Friday January 5 after the dollar weakened ahead of US nonfarm payroll numbers due out later tonight.
The spot gold price was recently quoted at $1,321.60/1,321.90 per oz, down $0.80 from the previous trading day’s close. Trade has ranged from $1,320.55 to $1,323.45 per oz so far today.
The dollar index on Friday morning was down 0.03 to 91.87.
The market is waiting for US nonfarm payroll numbers due later night, with 190,000 new jobs expected to have been added in December, down from 228,000 in November.
Meanwhile, Eurozone PMI numbers released yesterday showed a strong ending to 2017, with the Eurozone Composite PMI climbing further in December.
Silver and PGMS all up
- In the other precious metals, the spot silver price was up $0.045 at $17.190 to $17.220 per oz. Platinum was up $5 to $960/965 per oz, while palladium was up $1 to $1096/1101 per oz.
- On the Shanghai Futures Exchange, gold for June delivery was recently at 280.15 yuan ($43.10) per gram, and the June silver was at 3,901 yuan per kilogram
Currency moves and data releases
- In other commodities, the Brent crude oil spot price was up $0.08 at to $68.01 per barrel and the Texas light sweet crude oil spot price was up $0.02 at $61.93 per barrel.
- In equities, the Shanghai Composite Index was up 0.23% to 3393.66.
- In data, the US unemployment rate is key to watch tonight; European PPI, Canada employment change and trade balance numbers are also due later today; also, Federal Open Market Committee member Loretta Mester will be speaking later today.