Gold prices edge higher following soft ISM Manufacturing survey

Gold prices edge higher following soft ISM Manufacturing survey

Gold

  • Gold prices edge higher  Gold is trading at $1314.70 per ounce at 09:40 GMT this morning, 0.19% lower from the New York close.

  • This morning, the precious metal traded at a high of $1319.80 per ounce and a low of $1313.20 per ounce. Yesterday, gold traded 0.78% higher in the New York session and closed at $1317.20 per ounce, after disappointing US manufacturing data raised doubts about a potential Fed interest rate hike in the near-term.
  • Immediate downside, the first support level is seen at $1306.87 per ounce, while on the upside, the first resistance level is at $1321.17 per ounce.

Gold futures fall, on pace for weekly drop

Gold rally fades slightly amid Fed speeches

Gold prices edge higher  Gold futures fell Friday and were on track for a weekly drop, as investors wait to see if an expected upbeat August payrolls report offsets the downbeat reading on factories that gave gold a small lift a day earlier.

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The debate over the speed and aggressiveness of Federal Reserve interest-rate changes remains pinned to each economic release but the payrolls report can carry additional weight for financial markets. A strong payrolls reading could put a September interest-rate hike back on the table, presumably lifting the dollar and dulling the appeal of greenback-priced gold. Prospects for higher rates also tend to turn off investors from nonyielding precious metals.

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Ahead of the report’s release, December gold GCZ6, +0.79% fell $2.10, or 0.2%, to $1,315.00 an ounce. Gold rebounded mildly Thursday but it settled Wednesday at $1,311.40 an ounce, the lowest settlement for a most-active contract since June 23, according to FactSet data. As such, gold is on track to log a 0.8% weekly loss at current trading levels.

The ICE U.S. Dollar Index DXY, -0.15% , a measure of the greenback against a basket of six rival currencies, was up 0.1%.
Fed Chairwoman Janet Yellen reiterated at the Jackson Hole, Wyo., economic summit last week that any decision on rates would be depended on the “degree to which incoming data continues to confirm the Fed policy committee’s outlook.”

 

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Jadtecnic

Richard Dambrosi (JADTECNIC) Has Been Sharing FOREX INVESTORS ANALYSIS FORECAST since 2011. Editors and Founder of InvestorsBuz.com, has a passion for Forex Social Sharing analysis and Market Trends Such as Self Driving Cars, Electric Cars, Medical Marijuana, 3d printing and Cloud computing, Refers to Readers as BUZ INVESTORS.

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