by Jan Skoyles, TheRealAsset.co.uk
Yesterday gold climbed around 1% as fears over today’s non-farm payroll data took hold. COMEX gold futures hit a three-week high as the dollar index fell 1.49%
The gold price is set to finish the week on a three-week high, but who knows what could take hold following the jobs data. No one expects any major moves prior to the report release. The current gold price, at the time of writing is $1,410/oz
Whilst last week’s unemployment benefit claimant count fell it did not suggest enough job growth to see the Fed pull back QE. Non-farm payroll is expected to have increased by 170,000 in May. The overall unemployment rate is expected be steady at 7.5%.
To add further worries to India’s gold buying population, a senior finance minister said yesterday that the government would not hesitate to implement further controls on the gold market. The import duty now stands at 8% having increased from 6% earlier this week.
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