Gold’s narrow trading persist
The dollar influence gold's trading and forces a downside trend on the metal for the second consecutive day. The Dollar fell against most of its majors, on accelerated recovery and ahead of a report from the U.S. that would probably show that the industrial sector index expanded for the 14th consecutive month and increasing hiring in January.
Gold for immediate delivery traded lower than the opening levels of 1,335.00 an ounce where it's currently trading at 1,329.53. The metal reached the highest at 1,336.25 an ounce and the lowest at 1,328.77 an ounce. Gold Futures fell by 0.05 percent or $0.600 to trade at $1,331.500 an ounce
Major Market Movers
Today's major data from Europe and the U.S. will influence trading as the services sector in Europe will probably signal continuous improvement in conditions throughout the month of December.
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. The report will be released Friday at 13:30 GMT.
The S&P GSCI index closed at 658.918 yesterday after gaining 3.590 points in trading or 0.56%. The Reuters Jefferies CRB index gained 1.63 points to close trading 343.87, compared with the opening levels of 342.94 while setting a high of 344.76 and a low of 342.36.
Gold Fixes & Dollar's Movement:
Talking about metal Fixes (Feb 2), Gold fixes at AM Fix was set at $1,337.00 an ounce, where it was unchanged by the PM fixing, meanwhile silver fixing was set at $28.27000 an ounce and Platinum AM Fixing was set at $1,830.00 an ounce, where it was kept unchanged during the PM fixing, finally the Palladium AM fixing was set at $823.00 at the AM fixing while being set by PM fixing at $819.00 an ounce.
The US dollar index, which tracks the performance of the dollar against six-majors, traded at 77.13, compared with the opening levels of 77.14, while setting a high of 77.19 and a low of 77.11.
Silver for immediate delivery traded lower at $28.24 an ounce, compared with the opening levels of $28.32 an ounce, while setting a high of $28.39 an ounce and a low of $28.20 an ounce. Silver future contracts traded lower by 0.28% or 0.079 to trade at 28.210 an ounce
Platinum for immediate delivery traded higher by $1.50, at $1,830.00 an ounce, Palladium rose by $2.00 to trade at $810.50 an ounce.