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By Ritu

Capital Sands

Gold prices inched up on Friday in Asia as traders awaited the upcoming non-farm payroll data due later in the day.

U.S. gold futures for December delivery inched up 0.1% at $1,515.75 per ounce by 11:50 PM ET (03:50 GMT) on the Comex division of the New York Mercantile Exchange.

The gains were more modest than the past two sessions when U.S. private payrolls growth showed bleak growth for August and a closely watched manufacturing measure hit 10-year lows.

The gold market’s attention now will be on Friday’s all-important September U.S. jobs report, due at 8:30 AM ET (12:30 GMT) from the Labor Department.

“Tomorrow’s jobs report will be key as a particularly weak print could to lock in the October cut and could also prompt a change in language about the prospect of future cuts,” TD Securities said in a note.

David Roche, president at Independent Strategy, told CNBC in an interview that he thinks the yellow metal could surge by about 30% to as high as $2,000 per ounce next year.

“What my gut says is that cause of the vilification of fiat currencies by central bankers, which is set to get worse – not better, people will look for an alternative currency,” Roche told CNBC on Thursday.

“Gold is a good alternative currency because it’s safe, and because it costs nothing to own it compared to paying negative rates on deposits,” Roche said.

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