Gold’s narrow trading persist
Gold found a good excuse to rise in yesterday's trading session after the manufacturing data from the U.S. and Europe came to show continuous expansion, allowing the metal to profit after the dollar surprisingly suffered from the news given the political for contagion in the Middle East.
Gold for immediate delivery traded lower than the opening levels of 1,341.15 an ounce where it's currently trading at 1,338.00. The metal reached the highest at 1,344.00 an ounce and the lowest at 1,335.30 an ounce. Gold Futures fell by 0.19 percent or $2.500 to trade at $1,337.800 an ounce
Major Market Movers
Today's stronger data helped push commodities lower, as the economic agenda focuses on the U.S. labor sector today with the ADP employment index forecasted to show that the private sector gained as much as 150 thousand jobs during January, compared with almost 300.0 thousand jobs a month earlier.
Later this week, investors will focus on two things, the ECB's rate decision, which the bank is highly expected to leave at 1.0 percent, despite the rise in inflation levels over the past two-months beyond the desired rate set by the ECB at 2.0.
In addition, the labor sector from the US will return with the nonfarm payrolls expected to show 140.0 thousand added jobs during January, while unemployment rate to inch higher to 9.5 percent from 9.4 percent.
But improvement was noted in the same sector across Europe, where Germany's unemployment rate and the Euro-Zone's rate fell during last month as witnessed in yesterday's reports, accordingly, and given the better conditions in the U.S., unemployment probably fell rather than gained during last month.
The S&P GSCI index closed at 655.3274 yesterday after gaining 0.070 points in trading or 0.01%. The Reuters Jefferies CRB index gained 0.75 points to close trading 342.24, compared with the opening levels of 340.72 while setting a high of 343.12 and a low of 340.48.
Gold Fixes & Dollar's Movement:
Talking about metal Fixes (Feb 1), Gold fixes at AM Fix was set at $1,337.50 an ounce, while the PM Fix was set at $1,331.50, meanwhile silver fixing was set at $28.32000 an ounce and Platinum AM Fixing was set at $1,808.00 an ounce, reaching 1,812.00 by PM fixing, finally the Palladium AM fixing was set at $820.00 at the AM fixing while being set by PM fixing at $822.00 an ounce.
The US dollar index, which tracks the performance of the dollar against six-majors, traded at 76.95, compared with the opening levels of 76.92, while setting a high of 77.00 and a low of 76.90.
Silver for immediate delivery traded lower at $28.47 an ounce, compared with the opening levels of $28.52 an ounce, while setting a high of $28.72 an ounce and a low of $28.34 an ounce. Silver future contracts traded lower by 0.33% or 0.094 to trade at 28.420 an ounce
Platinum for immediate delivery traded higher by $15.20, at $1,834.70 an ounce, Palladium rose by $6.50 to trade at $823.00 an ounce.