Gold Lower on Chart Consolidation, Bearish Outside Markets - report
Comex gold futures prices are moderately lower in early trading Thursday, on a corrective, technical-consolidation pullback from recent gains. The key outside markets are also bearishly postured for the precious metals Thursday, as the U.S. dollar index is higher and crude oil prices are weaker, Kitco News said.
February gold traded down US$11.20 an ounce at $1,676.30. Spot gold was quoted down $8.90 at $1,677.50. March Comex silver traded down $0.137 at $30.87 an ounce.
Kitco said: "With the U.S. fiscal cliff matter now at least temporarily out of the market place spotlight, focus turns to other issues. There is a heavy slate of U.S. economic data due for release Thursday, just ahead of what is arguably the most important U.S. economic report of the month on Friday morning, the employment situation report. Thursday's batch of economic data could move the markets. However, Friday's jobs report is likely to have the biggest impact on the markets. Non-farm payrolls are expected to have risen by 150,000 in December, with the unemployment rate forecast at 7.7%, which is unchanged from last month."
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