Gold relieves in Asia ahead of nonfarm payrolls

Gold relieves in Asia ahead of nonfarm payrolls

On Friday, gold slumped in Asia, with financial markets cautious enough ahead of nonfarm payrolls a bit later in the day.

In New York, December delivery gold futures sank 0.01% being worth $1277.97 a troy ounce.

Overnight, gold was roughly intact, underpinned by dollar weakness because market participants looked ahead to Trump's choice of nominee to become the next Fed Chair.

The number one precious commodity was on track just to snap a two-week losing marathon amid dollar weakness notwithstanding positive labor market data raising hopes for an upbeat nonfarm payrolls report due Friday.

As the US Department of Labor informed on Thursday, initial jobless claims went down 5,000 to a seasonally adjusted outcome of 229,000 by October 28, which is a steeper sag than economist had actually hoped for.

The Labor Department added that nonfarm productivity, measuring hourly output per worker, edged up at a 3% annualized rate, confounding experts’ forecasts of 2.4%.

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