Gold Futures Fall as Eyes Turn to U.S. Labor Department Jobs Report


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The price of gold was slipping on Friday, barreling toward its biggest weekly loss since the middle of March, according to Reuters.

Traders and investors are keeping a close eye on this weekend's elections in two key euro zone nations - Greece, the recipient of two tranches of bailout aid, and France, the host of the region's second-largest economy. The U.S., the globe's largest economy, is set to release data about non-farm payrolls, which also is attracting investor scrutiny.

"Our economists expect NFP to show a modest gain of 125,000, versus a consensus of 160,000," analyst Anne-Laure Tremblay with BNP Paribas told the news service. "Such an outcome would probably be more positive for gold, as it would raise the possibility of further monetary accommodation by the Fed before the end of the year."

At 8:06 a.m. on Friday, gold futures dropped 0.23 percent, a $3.70 loss to $1,631.10 per troy ounce.

MarketWatch reports the economic data to be released by the U.S. Labor Department will play an important role in the debate about follow-up rounds of efforts to spur the U.S. economy, which typically benefits the price of the yellowish metal.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: News Headlines , Commodities , Economy

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