US-China breakthrough could ease pressure on emerging economies, Egypt minister says    Trump says US, China achieved 'total reset', rules out return to 145% tariffs    Egypt scales up drug output, sees $466m in pharma exports by 2029    Egypt's FM discusses Iran-US nuclear talks with Omani, Iranian FMs    Egypt, Qatar welcome Hamas release of US hostage    CBE: Egypt's annual core CPI inflation accelerates to 10.4% in April    Egypt's remittances hit record $32.6b after year of reforms: CBE    Egypt hosts 170 pharmaceutical factories, 11 with international accreditation: EDA    GAFI to host service-exporting startups in free zones    Gaza faces famine, health collapse amid intensifying Israeli siege, bombardment    Takaful and Karama a national model to be emulated globally in social protection: Al-Mashat    Egypt increases 'Takaful and Karama' funding to EGP 55bn for FY 2026    Sandoz launches new OMNITROPE growth hormone concentration in Egypt    Egypt expands migratory bird conservation, eco-tourism initiatives    Third "Empower Her Art Forum" to launch at Grand Egyptian Museum    Egypt, WHO expand AI diagnostics, emergency response cooperation    Egypt's UPA, Gustave Roussy sign health protocol    Pakistan gave positive ceasefire response for regional peace: PM Sharif    Famine ravages Gaza as Israeli siege enters 3rd month    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    Al Ismaelia, Coventry University Cairo partner on urban development education    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Gold Moves Higher As Traders Await Data
Published in Amwal Al Ghad on 05 - 11 - 2013

Gold pushed higher on Tuesday, extending the prior session's gains, as traders awaited more economic data, especially the key jobs report later in the week.
Early Tuesday, gold for December delivery rose $3.20, or 0.2%, to $1,317.90 an ounce. Silver inched 3 cents higher to $21.73 an ounce.
A day earlier, gold prices settled higher for the first time in three sessions, boosted by a weaker U.S. dollar and word from St. Louis Fed President James Bullard that the central bank was in no big hurry to taper its bond purchases.
Later Tuesday, two more Fed speakers are due to speak, and the ISM is slated to report its nonmanufacturing index. Read: Spotlight on the economy.
But where gold goes from here may hinge on what we see on the jobs front at the end of the week, according to Standard Bank analyst Walter de Wet.
"Friday's U.S. employment data is important again, especially following the manufacturing data for October from the U.S., which was strong despite the partial government shutdown," he said.
"Should nonfarm payroll data also beat expectations, we would expect the dollar to strengthen and gold to come under renewed pressure. Until then, the market is likely to remain range-bound," said de Wet.
Elsewhere in the metals complex, January platinum rose $2.70, or 0.2%, to $1,458.90 an ounce, while December palladium gave up $1.05 to $748.45 an ounce.
High-grade copper added a penny, or 0.3%, to $3.26 a pound.
Source : Marketwatch


Clic here to read the story from its source.