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Precious Metals

Gold slips lower as markets focus on U.S. data

gold trading

Gold prices slipped lower on Friday, as markets turned their attention to the upcoming report on U.S. nonfarm payrolls for further hints on whether or not the Federal Reserve will raise interest rates later this year.

On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were down 0.24% at $1,314.05 (£990.23), just off the four-day high of 1,319.45 hit overnight.

The December contract ended Thursday’s session 0.43% higher at $1,317.10 (£992.58) an ounce.

Gold prices strengthened briefly thanks to a weaker U.S. dollar after the Institute for Supply Management said on Thursday that its manufacturing activity index dropped to 49.4 last month from July’s reading of 52.6.

It was the worst reading since January and missed expectations for a slight drop to 52.0.

The report came shortly after data showed that U.S. initial jobless claims increased by 2,000 to 263,000 last week, compared to expectations for a 4,000 rise to 265,000.

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Paul

The author Paul