Gold surges today, awaiting the critical U.S. Non-farm payroll
Gold advanced today after opening the Asian session;however, the metal is biased to upside, while investors hold more gold as a safe haven, awaiting the critical non-farm payroll figures from the U.S. in addition to the unemployment rate.
Gold inclined today after opening the session at $1826.00 per ounce, recording a high of $1838.35 and a low of $1824.00, and is currently hovering around $1838.30 per ounce.
The shiny metal fluctuated heavily yesterday amid the mixed data from Europe and U.S., where data yesterday showed slowing performance of the manufacturing sectors in U.S., Germany, China and Switzerland, while the manufacturing sector contracted in the euro zone and U.K.
Gold is biased to the upside today, especially after the pessimism seen in Asian equities, where Asian stocks retreated today after the gains recorded in the past sessions, reflecting rising fears and concerns in the market, awaiting for the U.S. unemployment rate in addition to the non-farm payrolls, which is expected to reflect weakening labor sector, mounting more concerns and adding more challenges for the world's largest economy and pressuring the pace of recovery to slow further, especially after the downbeat data yesterday, which reflected slowing growth in regards to the performance of the manufacturing sectors in major economies worldwide.
Furthermore, the debt crisis in Europe keeps on worsening as we can see; Finland and Greece failed to reach to an agreement regarding the collateral bonds, which led investors to demand more gold, especially after the downbeat data yesterday from Europe reflected the effects of the crisis on the zone and on Europe as a whole.
Among other precious metals, silver inclined today extending the gains recorded in the past sessions, where after the opening of $41.51 per ounce, the metal retreated to a low of $41.41. Silver also reached a high of $41.92 and is currently hovering around $41.90 an ounce.
Platinum retreated today after the opening of the Asian session at $1850.00 per ounce and recorded the highest at $1856.00 and the lowest at $1844.00, and is currently trading around $1849.00 an ounce.