Gold steady in Asia

July 6, 2014

Pakistan (July 6)  Gold edged up on Friday, gaining support from mixed European shares, but remained vulnerable after strong US jobs data lifted the dollar, denting gold’s investment appeal.

Spot gold was down 21 cents to $1,319.49 an ounce at 1750 GMT. It fell 1.2 percent to a one-week low of $1,309.64 after the US nonfarm payrolls release on Thursday, but managed to claw back losses as the market expects more macro signs on the strength of the global economy, traders said.

US gold futures for August delivery were up 50 cents at $1,321.00 an ounce.”Gold did well to hold above $1,310 after the good employment numbers, but it remains somewhat of a concern that there seems to be a wall of selling every time we try a convincing push above $1,330,” MKS Group said in a note.”Overall, it feels like the shorts might be gaining momentum over the longs but think we will remain in consolidation mode $1,310-$1,330 for the next couple of sessions as this week´s data sinks in.”

Source:  thenesPakistan

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