(RTTNews) - The price of gold was ticking lower Friday morning as the U.S. dollar was trading firm versus a basket of currencies ahead of non-farm payroll data.
Gold for December delivery, the most actively traded contract, eased $4.70 to $1,791.80 an ounce. Yesterday, gold surged to settle at 11-month high amid some mixed macroeconomic data from the U.S. and as the dollar continued to weaken against most major currencies. Investors also weighed the outcome of the Federal Open Market Committee policy meeting and comments by European Central Bank President Mario Draghi at a policy meet in Slovenia.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved up to a record high of 1,333.44 tons from 1,324.40 tons.
Meanwhile, the U.S. dollar was recovering from a two-week low versus the euro and the Swiss franc, while ticking higher against sterling. The buck was paring recent gains versus the yen.
In economic news, Germany's factory orders declined more than expected in August, the Federal Ministry of Economics and Technology reported. Orders fell 1.3 percent from a month ago, when it rose 0.3 percent. Orders were forecast to decline by 0.5 percent. Domestic orders slipped 3 percent on a monthly basis, while foreign orders remained flat in August.
The prices of silver and platinum were trading lower in morning deals.
From the U.S., the Labor Department will release its non-farm payroll report for the month of September at 8.30 a.m ET. Economists expect non-farm payrolls for September to increase by 113,000, while the unemployment rate is expected to remain unchanged at 8.1 percent. The private sector is expected to have added 130,000 jobs. In August, the economy added 96,000 jobs, while the jobless rate dipped to 81. percent.
