Gold Price Lackluster Ahead Of US Jobs Report

February 1, 2019

New York (Feb 1)  Gold prices were lackluster on Friday as equities gained ground on optimism that the US and China might reach a trade deal before the March 1 deadline.

Spot gold was marginally lower at USD1,321.44 per ounce after hitting its highest level since April 26 on Thursday. US gold futures were up 0.1% at USD1,325.85.

The two-day US-China trade talks ended without concrete results, though US President Donald Trump said he hopes to accommodate China and reach a deal by the March 1 deadline.

On the other hand, China promised to "substantially" expand purchases of US soybeans after two days of discussions in Washington.

The US dollar held steady ahead of a key jobs report, due later in the day. Economists expect US employment to rise by 165,000 jobs in January after an addition of 312,000 jobs in December. The jobless rate is expected to hold at 3.9%.

The jobs data is likely to overshadow separate reports on manufacturing activity and consumer sentiment as well as the release of delayed data on construction spending and wholesale inventories.


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