RTTN:Gold Advances Above $1,850 Ahead Of Jobs Data
(RTTNews) - The price of gold advanced Friday morning as the U.S. dollar was trading flat ahead of key jobs data, due out from the U.S. Labor Department today.
Gold for December delivery, the most actively traded contract, gained $25.50 to $1,854.60 an ounce. Yesterday, gold ended flat amid mixed US data. While activity in the U.S. manufacturing sector unexpectedly continued to expand in the month of August, jobless claims declined less than most economists had predicted last week.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,232.31 tons.
Meanwhile, the U.S. dollar was hovering around its 2-week high versus the euro and sterling, while lingering near a 2-week low versus the Swiss franc and ticking lower against the yen.
In economic news from the euro zone, producer prices increased at a pace of 6.1 percent in July from a year ago, data from Eurostat showed. The increase was bigger than the 5.9 percent rise logged for June. The annual increase matched economists' expectations. On a monthly basis, producer prices moved up 0.5 percent in July, in line with expectations, after remaining stable in June.
The prices of silver and platinum were ticking higher in morning deals.
In economic news, the U.S. Labor Department will release it much awaited jobs data for the month of August at 8.30 a/m. ET. Economists expect non-farm payrolls to increase by 60,000, but they expect the unemployment rate to remain unchanged at 9.1 percent.
