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.

Similar

Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

Will oil change the trend after OPEC-JMMC meetings?
Will oil change the trend after OPEC-JMMC meetings?

On Wednesday, February 2, during the day, members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.

Latest news

Can the UK CPI surprise?
Can the UK CPI surprise?

The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.

The US Retail Sales Update
The US Retail Sales Update

The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera