Gold prices hover near $1,580/oz, US jobs data in focus

Gold hovered near $1,580 an ounce on Friday ahead of the release of a key US job market report, as encouraging U.S. employment data earlier this week and lack of monetary easing moves from major central banks muted buying interest in gold.

FUNDAMENTALS

* Spot gold was little changed at $1,579.25 an ounce by 0037 GMT, on course for a 0.3 percent weekly rise.

* US gold inched up 0.2 percent to $1,578.90.

* Investors are eyeing the all-important U.S. February employment report, due at 1330 GMT, after Thursday's weekly jobless claims and Wednesday's ADP National Employment Report showed signs of improvement in the labour market.

* February's employment report is expected to show moderate job growth as higher taxes and fears of deep government spending cuts made employers cautious, economists said.

* The European Central Bank decided to keep interest rates unchanged, citing positive economic survey indicators. ECB President Mario Draghi said markets have settled after Italy's inconclusive elections and any threat of contagion to other euro members has been muted.

* Investors pulled $5.6 billion from gold exchange-traded products (ETPs) in February after poor performance by the yellow metal, but appetite for riskier, growth-oriented industrial metals ETPs remained intact.

* Holdings of SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, fell 1.805 tonnes to 1,243.05 tonnes on March 7, resuming a decline after pausing for one session.

MARKET NEWS

* US stocks closed modestly higher on Thursday, with the Dow ending at a record for a third straight day as jobless claims data pointed to a pick-up

... contd.

Source: http://financialexpress.com/news/gold-prices-hover-near-1580oz-us-jobs-data-in-focus/1085006/

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