Gold prices were seen climbing on Friday, as traders await the US non-farm payrolls report which is due later in the day and may show the current state of the US economy and may weaken the precious metal.
The anticipating US non-farm payrolls report is forecasted to have strengthened in March and may tip-off the next step the Federal Reserve (Fed) may take on its monthly asset purchases.
The yellow metal for June delivery climbed 0.48% higher to $1,297.00 an ounce at the time of writing after rebounding from near $1,280, twice this week. While futures silver edged 0.60% higher at $19.925 an ounce at the same time, after trading around $19.725 level during the Asian trading.
Holding in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, stood at 810.98 tons on Wednesday, the lowest since the beginning of March.
The US dollar index, which measures the strength of the greenback against six major currencies, climbed 0.01% higher to 80.4800.
The ADP employment report released on Wednesday, showed that 191,000 new jobs were added to the US private sector in the month of March, compared to the revised 178,000 seen in February.
The ADP report is considered a hint to what to expect from the key non-farm payrolls data, which is key indicator for the world’s largest economy and the Federal Reserve.
The anticipating jobs report may hint the Federal Reserve‘s next move on its monetary policy, as the US Federal Reserve trimmed asset purchases at the last three policy meetings. The jobs data due later in the day is expected to show a positive growth in the jobs sector, with analysts expecting to see 200,000 new jobs added to the US economy in March, the most since November.
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