Gold Moves Higher As Traders Await Data

Gold pushed higher on Tuesday, extending the prior session’s gains, as traders awaited more economic data, especially the key jobs report later in the week.

Early Tuesday, gold for December delivery  rose $3.20, or 0.2%, to $1,317.90 an ounce. Silver  inched 3 cents higher to $21.73 an ounce.

A day earlier, gold prices settled higher for the first time in three sessions, boosted by a weaker U.S. dollar and word from St. Louis Fed President James Bullard that the central bank was in no big hurry to taper its bond purchases.

Later Tuesday, two more Fed speakers are due to speak, and the ISM is slated to report its nonmanufacturing index. Read: Spotlight on the economy.

But where gold goes from here may hinge on what we see on the jobs front at the end of the week, according to Standard Bank analyst Walter de Wet.

“Friday’s U.S. employment data is important again, especially following the manufacturing data for October from the U.S., which was strong despite the partial government shutdown,” he said.

“Should nonfarm payroll data also beat expectations, we would expect the dollar to strengthen and gold to come under renewed pressure. Until then, the market is likely to remain range-bound,” said de Wet.

Elsewhere in the metals complex, January platinum  rose $2.70, or 0.2%, to $1,458.90 an ounce, while December palladium  gave up $1.05 to $748.45 an ounce.

High-grade copper  added a penny, or 0.3%, to $3.26 a pound.

Source : Marketwatch