Weekly Commodity tips

Gold holds above 10-month low, US jobs data in focus.

Gold held above $1,550 on Friday, as the dollar steadied and European shares dropped ahead of U.S. jobs data which should give more clues on the health of the world’s largest economy. Gold edged up 0.1 per cent to $1,554.04 by 1029 GMT, but it was still down about 1.7 per cent on the week and heading for its second week of declines. It fell to a 10-month low at 1,539.74 on Thursday, weighed down by a jump in the dollar after the Bank of Japan unveiled ambitious monetary stimulus plans.”Generally, gold needs to find a floor first before we can turn more bullish and that floor is $1,530 … The problem for now is that it didn’t quite reach that point where everybody thinks it’s cheap.” The U.S. non-farm payrolls data, due at 1230 GMT, is expected to show employers added 200,000 jobs last month. The numbers are being closely watched for clues on the strength of the U.S. economic recovery and the next step in the Federal Reserve’s monetary policy.

Gold holds above 10-month low, US jobs data in focus.

Gold held above $1,550 on Friday, as the dollar steadied and European shares dropped ahead of U.S. jobs data which should give more clues on the health of the world’s largest economy. Gold edged up 0.1 per cent to $1,554.04 by 1029 GMT, but it was still down about 1.7 per cent on the week and heading for its second week of declines. It fell to a 10-month low at 1,539.74 on Thursday, weighed down by a jump in the dollar after the Bank of Japan unveiled ambitious monetary stimulus plans.”Generally, gold needs to find a floor first before we can turn more bullish and that floor is $1,530 … The problem for now is that it didn’t quite reach that point where everybody thinks it’s cheap.” The U.S. non-farm payrolls data, due at 1230 GMT, is expected to show employers added 200,000 jobs last month. The numbers are being closely watched for clues on the strength of the U.S. economic recovery and the next step in the Federal Reserve’s monetary policy.