Gold is mixed ahead of the U.S. jobs report
As this week comes to an end, many factors are affecting the metal's movement today, where gold is mixed now and could be very volatile during the session as markets are waiting for the jobs report from the world's largest economy in addition to the several important data from the euro-area region and the United Kingdom.
Gold fluctuated heavily so far between the highest level recorded at $1760.5 and the lowest level of $1755.18 per ounce, where in the moment gold is trading around $1757.73 after cutting 0.10% or $1.75 per ounce compared with the opening level of $1755.98 per ounce.
Markets are fluctuating heavily today ahead of the heavy load of major fundamentals to be released during London and New York session; however, as this week ends today and the Greek debt-talks are still unsolved markets could be very volatile, while the sentiment is expected to remain mixed until the jobs report for U.S.
Gold could gain momentum today as investors may hold more gold as a hedge against uncertainty ahead of the U.S. jobs report, especially after the ADP employment report showed on Wednesday that the private sector added less than expected jobs to the economy, indicating that the public sector could have added less than expectations in January.
However, before the release of the U.S. jobs report markets will be affected sharply by the performance of the services sectors in the euro-area region and the United Kingdom, where Germany and the euro area-region will start the European session with the PMI services final indexes, which are anticipated to remain unchanged; however, any upside revision could add some positivity to the market and therefore support the metal to gain momentum.
The euro area region will also release the retail sales index for December, with expectations over monthly basis the index could have expanded by 0.3% from the previous drop, while the annual index is expected to drop less than the previous month.
Other fundamentals to be in focus are the unemployment rate from Canada and the ISM-composite from the world's largest economy; however, in addition to the heavy load of fundamentals the unsolved Greek debt-talks with creditors will also be in focus, as markets are still tracking any developments in the negotiations between Greek government representatives and the private sector, which are expected to end this week.
Among other precious metals, silver also declined 0.38% of $0.11 per ounce to trade now around $34.20 per ounce, after the opening of $34.31 per ounce. The metal set a high of $34.33 and a low of $34.13.
Platinum however advanced slightly by 0.03% or $0.50 per ounce to trade in the moment around $1631.00 per ounce after the opening of $1630.50 per ounce. The metal reached a high of $1635.25 and a low of $1624.48 per ounce.
Palladium also surged today, adding 0.92% or $6.50 per ounce after the opening of $707.50 an ounce to hover now around $713.50 per ounce. The metal set a high of $715.75 and a low of $707.00 per ounce.