The release of crude oil inventories earlier today showed a surprise increase in the number of barrels.
Gold edges up as traders look to American nonfarm payrolls
On Friday, gold tacked on in Asia, with American nonfarm payrolls crucial for the number one precious metal and an outcome of 190,000 new jobs generated in December anticipated today.
February delivery gold futures inched up 0.12% in New York being worth $1,323.20 a troy ounce.
Overnight, gold moved off session minimums neglecting the prospect of further Fed rate lifts amid positive labor market data pointing to recovering strength in the American economy.
The recent soar in gold futures was pressured amid investor worries that ongoing positive American economic data could justify the case for the major US bank to lift interest rates more than previous priced in.
Private payrolls tacked on by 250,000 for December, an abrupt soar from the 185,000 private jobs generated in the previous month, as a report published on Wednesday by ADP and Moody's Analytics revealed. It confounded economists’ estimate of 191,000.
The yellow metal reached the highest levels in 6 years amid the global risk aversion.
The yellow metal could not stay for a long time near the $1,401 level.
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