Gold slides in Asia ahead of American nonfarm payrolls

Gold slides in Asia ahead of American nonfarm payrolls

On Friday, gold decreased in Asia, with nonfarm payrolls ahead expected to set greenback direction considered significant for overseas buyers from key importers, including China and India.

August delivery gold futures slumped 0.39% in New York trading at $1,266.89 a troy ounce.

Overnight, the precious commodity traded modestly below breakeven, although remained close to seven-week maximums because market participants waited for nonfarm payrolls data for clues as for the strength of the US economy amid a sag in expectations the Fed will stick to its plan to lift rates once more in 2017.

The commodity struggled to for direction during early morning American trade because traders remained cautious of starting large positions in gold ahead of Friday’s nonfarm payroll data, expected to provide further prompts on the outlook for interest rate hikes.

In recent weeks gold inched up because investor uncertainty regarding the tempo of American interest rate lifts continued amid a storm of mixed economic reports driving expectations that the Fed could backtrack on its intention to lift rates later in 2017.


Gold sags in Asia as risk trade relives

On Monday, gold edged down in Asia because risk trade relieved and market participants waited for more insight on American tax cut plans as well as related Fed policy…

Crude is set for the first weekly dip on oversupply concerns

On Friday, crude was mixed after recent declines, although the commodity was on track for the first weekly decline for six weeks, being suppressed by ascending American supplies as well as doubts over Russian support for extending a cut in crude output…


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